HOUSTON, Jan. 12, 2016 /PRNewswire/ — Hydrocarb Energy Corporation (OTCQB: HECC) today announced that Mr. K. Andrew Lai has joined the Company’s executive management team as its new Chief Financial Officer. A Current Report on Form 8-K was filed yesterday regarding this appointment and we encourage investors to review that filing.
When asked to comment, Mr. Lai said, “I see Hydrocarb as a platform for serious expansion. It seems to be very good timing to take advantage of the low costs currently in the industry to set up the Company properly for extraordinary growth going forward.”
The Company’s Chairman, Kent P. Watts stated, “We are happy and excited that Andrew has joined our team. He brings critical experience and financial background to greatly enhance all aspects of the financial management of Hydrocarb. As a licensed attorney we expect he will add to our efforts for ever stronger and more effective corporate governance.” Mr. Watts went on to say, “We also feel that his long standing relationships with Far East based investors could prove to be a good match together with the Company’s plan to explore for world class oil and gas reserves in Africa, beginning with our approximate 21,000 square kilometer concession in Namibia.”
About K Andrew Lai, Chief Financial Officer
Mr. Lai has over 28 years of corporate and financial experience primarily in the exploration and production sector of the oil and gas energy industry, with specialization in the finance, accounting, legal and administrative functions. From January 2013 to December 2015, Mr. Lai was an international financial consultant working mainly with oil and gas and real estate investors from China. From January 2011 to December 2012, Mr. Lai was the Chief Financial Officer of Lucas Energy, Inc. in Houston, Texas. From May 2010 to December 2010, Mr. Lai was an international business consultant. From October 2007 to April 2010, Mr. Lai served as Chief Financial Officer with Far East Energy Corporation in Houston. Mr. Lai joined Far East in 2007 and served as a member of Far East’s management team until his appointment as Chief Financial Officer. From 1999 to 2007, Mr. Lai held various managerial positions with EOG Resources, Inc., in Houston, including Financial Reporting Director and International Accounting Director. From 1987 to 1998, Mr. Lai held various positions with UMC Petroleum Corp. (which subsequently merged into Devon Energy). Mr. Lai received from the University of Houston his Bachelor of Business Administration in 1987, his Master of Business Administration in 1991, and his Juris Doctorate in 2004. Mr. Lai is a Texas attorney and certified public accountant.
About Hydrocarb: Hydrocarb Energy Corporation is a publicly-traded Domestic and International Energy Exploration and Production Company targeting major under-explored oil and gas projects in emerging, highly prospective regions of the world. With exploration concessions in Africa and domestic production in Galveston Bay, we maintain offices in Houston, Texas, and Windhoek, Namibia.