Mr. Simmons, based in Houston, Texas, has been actively involved in the oil & gas business for over 20 years, and has extensive experience in the area of drilling and exploration both domestically and overseas. He previously founded and served as Chairman and CEO of Petrosearch Corporation, a Houston based exploration company, until December, 2005. He will serve as a technical advisor to the Board.
"The oil and gas industry in North America is constrained by the shortage of drilling capacity and most exploration companies are at risk of losing leases due to the shortage of drilling rigs," stated Mr. Fimrite, "We are today initiating a move to seek acquisition targets in order to insure our ability to implement our exploration subsidiary's drilling programs as well as create another profit center consistent with our overall goals within the upstream oil industry. We are very pleased to have the talents and expertise of Mr. Simmons and his network of experts on board in assisting our company with this new initiative".
The Associated Press recently reported a US rig count of 1,491 which is less than one third of the rig count available in the peak operating year 1981. Even with this reduced rig availability the drilling industry suffers from lack of trained and qualified personnel. This supply is inadequate for the needs of the marketplace and must be addressed by exploration companies to facilitate the growth and development of existing and new projects.
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