South Sea Ups Stake in the Powder River Basin & Appoints New Board Member
South Sea Energy has entered into an agreement to acquire the rights to the South Glenrock "C" oil field located in the Powder River Basin, Wyoming. Upon closing, South Sea will have a 99.5 % working interest, together with a 78% Net Royalty Interest in South Glenrock "C" field. The prospect is located in Converse County, southeast of Casper and is analogous, from a geological perspective, to the nearby Salt Creek field, which is currently benefiting from a successful CO2 injection program by the Anadarko Petroleum Corporation.
In related news, the Company has filed to change its name to Ameriwest Energy Corp., which best reflects management's current strategic outlook and planned shift towards the US domestic energy sector.
The company is pleased to announce the appointment, effective August 24th, 2007, of Mr. Chris D. Wright to the Board in the capacity of President. Mr. Wright has over 20 years experience in finance and administrative management in both private and public companies. In 1995, he founded Velvet Exploration Ltd., an oil and gas company based in Calgary, Alberta, Canada, which later traded on the Toronto Stock Exchange. Mr. Wright served as the chairman of Velvet Exploration until it was sold to El Paso Corporation in June 2001 for Cdn. $432 million. Since 1997, Mr. Wright has been the president and CEO of First Merit Group Ltd., a private venture capital and investment firm. Mr. Wright received a law degree from the University of Victoria in 1986 and a bachelor's degree from the University of Alberta in 1981.
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Company: South Sea Energy Corp. more info
- South Sea Ups Stake in the Powder River Basin & Appoints New Board Member (Aug 27)
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