Bahamas Petroleum Says Hello to New CEO

Bahamas Petroleum announced the appointment of Dr. Paul Crevello as Chief Executive Officer of the Company, effective immediately, taking over the day to day responsibilities previously held by Alan Burns, who will remain as Non-Executive Chairman of the Company.

Paul has 33 years experience in US domestic and international exploration, in over 40 countries, and has received graduate degrees from the University of Miami and Colorado School of Mines. Paul joined Marathon Oil Company in 1978, where he directed worldwide carbonate geologic exploration research. In 1994, he started the first university petroleum studies in SE Asia, U. Brunei, and in 1997 founded Petrex Asia. As Managing Director, he developed Petrex Asia into the leading geological exploration consulting firm in SE Asia, with exploration interests extending to the Gulf of Mexico, Italy and North Africa. Petrex Asia provided the first model for the depositional framework offshore NW Borneo that has to date led to the discovery of more than four billion barrels of oil equivalent and is still actively being explored. Paul has received numerous awards and distinctions from international societies for authorship and invited papers on carbonate and sandstone reservoirs, AAPG International Distinguished Speaker, Chairman of Joides Ocean Drilling Program and numerous ancillary societies.

Alan Burns, Chairman, said, "We have for some time planned this succession, the timing of which has been influenced by my being diagnosed with a medical condition which requires surgery followed by a period of rehabilitation. Paul has had a distinguished oil and gas career and we have worked very closely together in the development of the Company. I am confident that Paul will be a world class CEO."

Dr. Crevello, CEO, said, "Alan is a visionary explorer and oil finder, and I am delighted to be taking on the role of CEO of the Company under his guidance, as Non-Executive Chairman."