CORPUS CHRISTI, Texas, Feb. 24, 2011 (GLOBE NEWSWIRE) -- Strategic American Oil Corporation (OTCBB:SGCA) (the "Company") is pleased to announce it has appointed Alan Gaines as the new Chairman of the Board and Amiel David as President of the Company, effective February 15h, 2011. Mr. Gaines and Dr. David will also serve as members of the Board of Directors.
Alan Gaines has approximately 30 years experience as an energy investment and merchant banker. Presently he serves as Executive Chairman of the Board of Directors, and founder of Dune Energy, Inc. (OTCBB:DUNR) and Dune Operating Company (a privately held oil and gas investment company domiciled in the State of Connecticut) since May 2001. Mr. Gaines also served as CEO of Dune Energy from inception through May 2007.
In 1983, he co-founded Gaines, Berland Inc., a full service investment bank and brokerage, specializing in global energy markets, with particular emphasis given to small to mid capitalization companies involved primarily in the exploration and production of oil and natural gas, as well as midstream (pipelines and transportation) and downstream (refining and marketing). In the three years prior to selling his personal stake in the company, Gaines, Berland acted as lead underwriter and/or participated in the placement of more than $3 billion of equity and debt securities.
Mr. Gaines holds a B.B.A. in Finance from Baruch College (CUNY) with a minor in Physics and an M.B.A. in Finance (With Distinction-Valedictorian) from The Zarb School, Hofstra University School of Graduate Management.
Dr. Amiel David is experienced in energy related operations, management, investment banking/engineering with decision-making capabilities in a wide range of areas including corporate management, corporate banking, engineering, asset and corporate mergers/acquisitions/dispositions. Dr. David has over forty years of corporate management, financial activities related to the upstream and midstream operations, exploration, production, and infrastructure both onshore and offshore.
Dr. David served as President and Chief Operating Officer of Dune Energy, Inc., a publicly traded oil and gas company based in Houston, Texas. He later served as a Senior Advisor to the Board of Directors of the company responsible to asset disposition activities. Prior to Dune Energy, Dr. David was Managing Director of Duke Capital Partners, a mezzanine provider to, and investor in upstream energy companies. He gained his banking experience through his employment as a senior Vice President of First Union Securities (Wells Fargo) and First City Bank.
Dr. David received a PhD as a Petroleum Engineer from Stanford, an M.B.A. from the University of Pittsburg, an MSE in Chemical Engineering from the University of Pennsylvania and a BS in Petroleum Engineering from the University of Tulsa. Amiel is a member of the SPE and SPEE technical societies; he authored several technical papers and was a recipient of several awards. He is a Registered Professional Engineer in Texas.
Strategic American Oil also accepted the resignation of Randall Reneau and Johnathan Lindsay as members of the Board of Directors. Mr. Lindsay will continue to serve as Chief Financial Officer, Secretary, and Treasurer. The Company appreciates the efforts of Mr. Reneau and Mr. Lindsay as members of the Board and wishes Mr. Reneau well in his retirement.
CEO Jeremy Driver stated, "We are very excited at Strategic American Oil to bring on board two highly qualified and exceptional professionals such as Mr. Gaines and Mr. David. Strategic American Oil is committed to building a world class domestic oil and gas company, and Mr. Gaines and Mr. David are to be an integral part of that development. Mr. Gaines has an impressive 30 years experience with the Public sector and financial community while Mr. David has an unparalleled work experience and understanding of Galveston Bay Energy and its assets."
About Strategic American Oil
Strategic American Oil Corporation (OTCBB:SGCA) is a growth stage oil and natural gas exploration and production company with operations in Texas, Louisiana, and Illinois. The Company's team of geologists, engineers, and executives leverage 3D seismic data and other proven exploration and production technologies to locate and produce oil and natural gas in new and underexplored areas. The Company seeks accretive acquisitions of production, reserves, or other companies that will provide significant growth potential. Further information can be found on the Company's website at www.strategicamericanoil.com.
The Strategic American Oil Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6891
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Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labour disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.