Contact Information: Contact: Don Kirkendall President dkirk@petroresourcescorp.com (832) 369-6986 Ext 224 or Ron Ormand Executive Vice President and Chief Financial Officer rormand@petroresourcescorp.com (832) 369-6986 Ext 231
Petro Resources Announces New Management Changes
Gary C. Evans and Ronald D. Ormand Join Petro Resources Corporation
| Source: Petro Resources Corporation
HOUSTON, TX--(Marketwire - May 27, 2009) - Petro Resources Corporation, an independent oil
& gas exploration and production company located in Houston, Texas (NYSE Amex : PRC ) ("the Company"), announced today that effective May 22, 2009,
Mr. Gary C. Evans has joined the Company as Chairman of the Board.
Additionally, Mr. Ronald D. Ormand has also joined the Company as Executive
Vice President, Chief Financial Officer and a member of the Board of
Directors.
Mr. Evans previously founded and served as the Chairman and CEO of Magnum
Hunter Resources, Inc., a NYSE listed company, for twenty years before
selling Magnum Hunter to Cimarex Energy in a $2.2 billion transaction in
June 2005. During Mr. Evans' tenure as the CEO, the common shareholders of
Magnum Hunter averaged an annual rate return on their investment of
approximately 37%. After the sale of Magnum Hunter, Mr. Evans formed
GreenHunter Energy, Inc. (NYSE Amex), a renewable energy company focused on
biodiesel, wind and biomass power, and currently serves as Chairman and
Chief Executive Officer. Additionally, Mr. Evans serves as Chairman and
Chief Executive Officer of Gruy Petroleum Management LLC, Inc., a privately
held oil and gas operating company. Mr. Evans serves as an Individual
Trustee of TEL Offshore Trust, a NASDAQ listed oil and gas trust, and is
Lead Director for Novavax Inc., a NASDAQ listed vaccine pharmaceutical
company. Mr. Evans also serves on the Board of the Maguire Energy Institute
at Southern Methodist University. Mr. Evans was recognized by Ernst and
Young as the Southwest Area 2004 Entrepreneur of the Year for the Energy
Sector and was subsequently inducted into the World Hall of Fame for Ernst
& Young Entrepreneurs.
Mr. Ormand has over twenty five years of investment and commercial banking
experience in the energy industry. Most recently, Mr. Ormand served as
Senior Vice President and Chief Financial Officer for Gruy Petroleum
Management LLC, Inc. and as President of Perugia Advisors, Inc., a
financial advisory and private investment firm focused on the energy
industry. Mr. Ormand previously served as President, Chief Financial
Officer and member of the Board of Directors of Tremisis Energy Acquisition
II, Corp., ("Tremisis II") a special purpose acquisition company focused on
energy and environmental projects until the sale of a majority interest in
Tremisis II to a Korean Investment group in March 2009. Mr. Ormand remains
as a member of the Board of Directors of Tremisis II. From 2005 to 2007, he
served as Managing Director and Head of the North American Oil and Gas
Investment Banking group at WestLB AG. From 1988 until December 2004, Mr.
Ormand was with CIBC World Markets and Oppenheimer & Co., and served as
Managing Director and Head of CIBC World Markets' U.S. Oil and Gas
Investment Banking Group. Mr. Ormand received his B.A. in Economics in 1980
and his M.B.A. in Finance and Accounting in 1982 from the University of
California Los Angeles, and studied Economics at Cambridge University,
England in 1979.
Effective with the appointment of Mr. Evans, Mr. Wayne P. Hall has resigned
as Chairman of the Board and Chief Executive Officer but will remain with
the Company in the capacity of Vice Chairman of the Board. Mr. Donald L.
Kirkendall will continue to serve as President of the Company but has
resigned as a Board member.
Mr. Hall commented, "We are looking forward to the new leadership from Gary
and Ron in our mutual goal of changing the direction of the Company to more
of an oil and gas operator with access to capital markets. The Company
plans to focus on acquisitions, low risk development drilling, and new
projects exhibiting repeatable success opportunities. Given Gary's past
experience and success in building Magnum Hunter Resources, we believe that
Gary will provide the platform, leadership, industry contacts, and catalyst
for growth in this challenging environment."
Mr. Evans commented, "I am very excited about the opportunity to be a part
of the Company as we believe this existing platform provides an excellent
base from which to grow and participate in the growth anticipated in the
energy industry. We believe that there will be extraordinary investment and
acquisition opportunities in the oil and gas industry over the next three
to five years and that this Company provides the base from which to
participate in those new opportunities. I have not witnessed such
attractive investment opportunities in the oil and gas sector since the mid
1980s."
He continued, "We intend to bring similar disciplines that were utilized so
successfully at Magnum Hunter, including low finding and development costs,
low operating costs and corporate overhead, in order to generate superior
investment returns to our shareholders. We plan to significantly expand the
Company's asset base through the opportunistic acquisition and operation of
producing properties with additional low risk drilling and development
drilling opportunities. In the near term, we will focus on acquisitions
and development of predominately oil-based properties as we believe the
current fundamentals of oil are currently superior to natural gas. In
addition, we plan to acquire or develop oil and gas reserves in one or more
unconventional areas as we believe that these types of projects can present
superior overall investment return opportunities to shareholders. We are
looking forward to this new challenge and the opportunity of working with
the Board of Directors and management team in building this Company into a
premier industry producer."
About Petro Resources
Petro Resources Corporation and subsidiaries is an independent exploration
and production company engaged in the acquisition of exploratory leases and
producing properties, secondary enhanced oil recovery projects, exploratory
drilling, and production of oil and natural gas in the United States.
For more information, please view our website at
www.petroresourcescorp.com.
Forward-looking Statements
The statements contained in this press release that are not historical are
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended (the "Securities Act"), and Section 21E
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
including statements, without limitation, regarding the Company's
expectations, beliefs, intentions or strategies regarding the future. Such
forward-looking statements may relate to, among other things: (1) the
Company's proposed exploration and drilling operations on its various
properties, (2) the expected production and revenue from its various
properties, (3) the Company's proposed redirection as an operator of
certain properties and (4) estimates regarding the reserve potential of its
various properties. These statements are qualified by important factors
that could cause the Company's actual results to differ materially from
those reflected by the forward-looking statements. Such factors include
but are not limited to: (1) the Company's ability to finance the continued
exploration, drilling and operation of its various properties, (2)
positive confirmation of the reserves, production and operating expenses
associated with its various properties; and (3) the general risks
associated with oil and gas exploration, development and operation,
including those risks and factors described from time to time in the
Company's reports and registration statements filed with the Securities and
Exchange Commission, including but not limited to the Company's Annual
Report on Form 10-K and Form 10-K/A for the year ended December 31, 2008
filed with the Securities and Exchange Commission on March 31, 2009 and
April 29, 2009, respectively, and our subsequently filed reports. The
Company cautions readers not to place undue reliance on any forward-looking
statements. The Company does not undertake, and specifically disclaims any
obligation, to update or revise such statements to reflect new
circumstances or unanticipated events as they occur.