Velocity Names New President, Focuses on Acquiring Production in '09
Velocity has outlined its strategy and activity outlook for 2009 under new management. James Moses was appointed the sole director and President effective September 15, 2008 when Frank Jacobs resigned due to other commitments.
Our goals are in sharper focus as the USA and the World face economic stress, especially with a concern about domestic energy production. While we build assets, operations, and shareholder value, the Company makes its contribution as a small company to both the economy and domestic oil and gas production.
The Company was incorporated in April of 2006 to develop upstream oil and gas properties. In November 2007, after a rigorous selection period, the Company acquired an interest in five offshore exploration licenses in the Gulf of Mexico. The portfolio was further enhanced in 2008 when the Company secured participation in the upcoming drilling of West Cameron 629 and converted its "participation rights" in South Marsh Island 138 to a full 40% "working interest."
The Company is also very focused on joint venture relationships and other opportunities with industry partners so as to pool resources. For example, while we may have drilling rights, we may not have the operating experience of another firm to undertake the drilling. We are always evaluating new projects for Velocity and acquiring production in 2009 is the highest priority.
The Company is now intent on raising exploration funds to participate in the drilling of at least two wells in 2009. With the current oil price and financial markets stabilizing, we believe that the prospects for a successful company are excellent.