Petro Matad Ltd. announced that Mr. Douglas McGay has retired as the company's CEO and will be leaving Petro Matad with immediate effect. Management responsibilities in Mongolia will be taken over by the company's Exploration Manager Dr. Ridvan Karpuz and Chief Financial Officer John Henriksen who will report directly to the company's board. It is anticipated that a successor as CEO will be recruited once the company has finalised its exploration and work programme.

The board would like to recognise Mr. McGay's valuable contribution to Petro Matad. He was instrumental to the formation of Petro Matad and to its development into a public company.