HOUSTON, Jan. 28, 2014 /PRNewswire/ -- Evolution Petroleum Corporation (NYSE MKT: EPM) is pleased to announce that Randall Keys is joining the management team and is expected to be elected by the Board of Directors to the positions of Senior Vice President, Chief Financial Officer and Treasurer following the filing of the Company's 10-Q for the quarter ended December 31, 2013 and the effectiveness of Sterling McDonald's previously announced retirement. Randy will also be elected to the position of Executive Vice President of NGS Technologies, a wholly owned subsidiary of Evolution Petroleum that is commercializing its patented GARP® artificial lift technology.
Mr. Keys has 27 years of experience as a senior finance professional in the energy business. He previously served as Chief Financial Officer for publicly traded Far East Energy Corp, BPZ Energy, Inc., Core Laboratories N.V. and 3DX Technologies, Inc., and as Treasurer of Norcen Explorer, Inc. Randy also managed financial reporting for Santa Fe Energy and Adobe Resources, and holds a BBA in Accounting from the University of Texas at Austin. His corporate experience is supplemented by managing a wholly owned manufacturing business and public audit supervisory experience with KPMG.
The Company further announced that Daryl Mazzanti, Vice President of Evolution Petroleum, will be elected to the additional position of Executive Vice President of NGS Technologies and will be responsible for GARP® operations. Mazzanti has been with Evolution Petroleum since 2005 as Vice President of Operations.
Robert Herlin, Chief Executive Officer of Evolution Petroleum, said: "We are very pleased to add Randy to our management team. He brings an entrepreneurial attitude along with proven public company energy finance expertise and substantial experience in the oil field service industry that will serve him well in his new positions with Evolution. His extensive public oil and gas company experience also makes him an excellent steward of our highly valuable Delhi Field asset. In his role within NGS Technologies, Randy will utilize his oil field service experience at Core Labs and 3DX Technologies to lead the marketing effort and work with Daryl to aggressively grow this important business unit. Daryl Mazzanti, the inventor of the GARP® artificial lift technology, already has made great strides in commercializing the technology as evidenced by our recent announcement of a ten well installation agreement. We expect the NGS Technologies team under the leadership of Randy and Daryl will build upon recent successes."
About Evolution Petroleum
Evolution Petroleum Corporation develops incremental petroleum reserves and shareholder value by applying conventional and specialized technology to known oil and gas resources, onshore in the United States. Principal assets as of June 30, 2013 include 13.8 MMBOE of proved, 11.2 MMBOE of probable reserves, 3.7 MMBOE of possible reserves, and no debt. Assets include a CO2-EOR project with growing production in Louisiana's Delhi Field and a patented artificial lift technology designed to extend the life and ultimate recoveries of wells with oil or associated water production. Other assets include royalty interests in almost 3,000 net acres in the Giddings Field and an interest in a joint venture in the Mississippian Lime play in Kay County, OK with substantial probable reserves. Additional information, including the Company's annual report on Form 10-K and its quarterly reports on Form 10-Q, is available on its website at www.evolutionpetroleum.com. Additional information regarding GARP® is available on the www.garplift.com website.
All statements contained in this press release regarding potential results and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update or review any forward-looking statement, whether as a result of new information, future events, or otherwise. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in our documents filed from time to time with the United States Securities and Exchange Commission and other regulatory authorities. Statements regarding our ability to complete transactions, successfully apply technology applications in the re-development of oil and gas fields, realize future production volumes, realize success in our drilling and development activity and forecasts of legal claims, prices, future revenues, income, cash flows and other comments that are not historical facts contain predictions, estimates and other forward-looking statements. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved and these statements will prove to be accurate. Important factors could cause actual results to differ materially from those included in the forward-looking statements.
Robert Herlin, CEO
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