Pantera Petroleum, Inc. reported that J. Scott Tyson, CEO of Trius Energy, Inc., has joined the Board of Directors. Concurrent with the addition of Mr. Tyson, Peter Hughes has announced his retirement from the Board and agreed to return his shareholdings, consisting of 27 million shares representing approximately 23% of the issued and outstanding shares, to the Company's treasury for cancellation.
Mr. Tyson is the President and CEO of Trius Energy LLC, a privately held independent oil and gas producer that has a major presence as a re-entry specialist in the West Gomez Field in Pecos County, Texas. The West Gomez is one of the most prolific gas plays in the world, having produced in excess of 5 trillion cubic feet of natural gas over the past 40 years.
Trius specializes in low risk developmental wells that offset proven production and reserves in Texas, concentrating on formations that hold enough reserves to yield a minimum 10-1 overall return. Trius' oil and gas leases represent estimated reserves of 161 BCF of gas and 3.6 million barrels of oil, worth roughly $1.8 billion at current market prices, and include several highly successful projects such as Spears Gas Unit 2, Well #1 and the Gomez #1 Multi-Pay Gas Well Project in the West Gomez Field.
Mr. Tyson oversees the daily operations of the company and leads its leasehold acquisition program. Mr. Tyson brings vast operational experience across the exploration and production cycle, including his work with other oilfield related businesses dealing with disposal wells, vacuum truck services, mobile frac tank rentals, and drilling fluid sales.
Mr. Tyson earned his BBA from the University of Texas at Austin at the McCombs School of Business. Raised in Atlanta, TX and now based in Austin, he and his wife of 15 years have two children.
"Scott brings a track record of success with large oil and gas producing properties in Texas, and he will make a significant difference to Pantera's growth in the U.S. We are currently evaluating multiple large production projects in Texas with Scott for Pantera, and the opportunity to enhance shareholder value has never been better," states Pantera Petroleum's CEO Chris Metcalf.
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