CALGARY, ALBERTA–(Marketwired – June 19, 2013) – Alexander Energy Ltd. (“Alexander” or the “Company”) (TSX VENTURE:ALX) is pleased to announce that Mr. Dan Wilson, P.Eng. and Mr. Bill Macdonald are joining the Board of Directors effective June 19, 2013. In addition Mr. Wilson was appointed CEO of Alexander Energy effective June 19th. Mr. James Sanden, the previous CEO, remains as Chairman of the Board.
Mr. Peter Lubey and Mr. Al Rasmuson have resigned their positions as Directors of Alexander. They have served Alexander shareholders with integrity for years and we thank them for their professional service.
Under Mr. Sanden’s guidance Alexander formulated and executed a business plan with the following results: drilled three wells with 100% success, increased production, improved geological and geophysical understanding, improved internal reporting and improved land and lease activities. This was enabled by a motivated, cohesive management group. Cash flow rose from $990,000 in Q4, 2012 to $1,802,000 in Q1, 2013. These are significant achievements and the Company would like to thank Mr. Sanden for his valuable contribution.
Mr. Wilson and Mr. Macdonald bring a wealth of experience in the oil business and the Company welcomes them to the Board.
Mr. Daniel T. Wilson, P. Eng., is a professional engineer with 27 years of oil and gas experience in successful junior oil and gas exploration and development companies. Mr. Wilson is currently President, Chief Executive Officer and Chairman of Relentless Resources Ltd., a publically traded junior oil and gas company. Prior to Relentless, Mr. Wilson was Chief Executive Officer of Vigilant Exploration Inc., a private oil and gas company, from October 2008 until the sale of the company in November 2009 to Tourmaline Oil Corp. Prior to joining Vigilant, he was President, Chief Executive Officer and founder of Relentless Energy Corporation form 2002 to 2005 and President and Chief Executive Officer of Chain Energy Corporation, a publically traded company, from 2000 to 2002.
Mr. William C. Macdonald has over thirty years of petroleum land management experience in the Western Canadian Sedimentary Basin. In 1997 Mr. Macdonald co-founded Avalanche Energy Limited, a private oil and gas company that sold three years subsequent to inception for approximately 10 times its initial share price. He currently serves on the Boards of one public and four private oil and gas companies.
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Forward-Looking Statements: All statements, other than statements of historical fact, set forth in this news release, including without limitation, assumptions and statements regarding the volumes and estimated value of the Company’s proved and probable reserves, future production rates, exploration and development results, financial results, and future plans, operations and objectives of the Company are forward-looking statements that involve substantial known and unknown risks and uncertainties. Some of these risks and uncertainties are beyond management’s control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks, industry competition, availability of qualified personnel and management, availability of materials, equipment and third party services, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
These assumptions and statements necessarily involve known and unknown risks and uncertainties inherent in the oil and gas industry such as geological, technical, drilling and processing problems and other risks and uncertainties, as well as the business risks discussed in Management’s Discussion and Analysis of the Company under the heading “Business Risks”. The Company does not undertake any obligation, except as required by applicable securities legislation, to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.
Barrels of oil equivalent (boe) is calculated using the conversion factor of 6 mcf (thousand cubic feet) of natural gas being equivalent to one barrel of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl (barrel) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
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