1st Aug 2011 07:00
Sefton Resources, Inc.
("Sefton" or the "Company")
Appointment of CEO and Financial Consultant
1 August 2011
Sefton Resources (AIM: SER), the independent oil and gas exploitation and production company with interests in California and Kansas, is pleased to announce some changes to its management team.
Karl F. Arleth has been appointed President and Chief Executive Officer with immediate effect. Mr Arleth joined the board as a non-executive director in August 2010, and had previously served as the Company's Chief Operating Officer between 2001 and 2003. Mr Arleth joins Sefton from Blue River Resources LLC, a Denver-based private oil and gas firm engaged in the acquisition and development of U.S. producing properties, where he served as Managing Partner. Mr Arleth has over 30-years of domestic and international oil and gas experience, including 22 years at Amoco/BP.
Jim Ellerton, Sefton's founder, has moved to the role of Executive Chairman. Mr Ellerton will focus on developing the Company's strategy, identification and evaluation of acquisition opportunities and investor relations.
Bill Brand has been appointed as a Financial Consultant to the Company. He has held financial executive positions with both the international and domestic US oil and gas industry whilst working at HR Energy LLC, PetroHunter Energy Corporation, Galaxy Energy Corporation, Teton Energy Corporation, PRB Energy Inc., Monsanto Oil Company, and its successor, BHP Petroleum (Americas) Inc..Mr Brand's role will initially be as a part time consultant, but it is intended that he will assume the position of full time Chief Financial Officer on or before 30 April 2012.
Executive Chairman Jim Ellerton commented: "I am delighted that Karl Arleth has become CEO as he brings with him tremendous oil and gas experience which will help in taking Sefton to the next level and beyond. We are also pleased that Bill Brand has joined the company as Financial Consultant. We hope to strengthen the board of directors further during next twelve months."
For further information please visit www.seftonresources.com or contact:
John James Ellerton, Executive Chairman | Tel: 001 (303) 759 2700 |
Dr Michael Green, Investor Relations | Tel: 07855 734970 |
Nick Harriss, Religare Capital Markets (Nomad) | Tel: 0207 444 0800 |
Jon Levinson, Rivington Street Corporate Finance (Broker) | Tel: 0207 562 3357 |
Neil Badger, Dowgate Capital Stockbrokers (Broker) | Tel: 01293 517744 |
Alex Walters, Cadogan PR | Tel: 07771 713608 |
Sefton Resources is an AIM-listed oil and gas exploration and production company. Its main area of activities are the East Ventura Basin of California, where it owns 100% of two oil fields, Tapia Canyon (heavy gravity oil) and Eureka Canyon (medium gravity oil), and East Kansas with over 45,000 acres in the Forest City Basin, where coal bed methane, as well as conventional oil and gas deposits are targets.
Currently Sefton Resources has a market capitalisation of £8.54 million. At year-end, the company had a Present Value of its proved reserves (PV10) of US$80.6 million (approximately £50 million). The estimated 2010 year-end proved reserves of 3.8 million barrels includes proved developed (PD) reserves of 1.6 million barrels and proved undeveloped (PUD) reserves of 2.2 million barrels. In addition, there are 2.3 billion cubic feet (BCF) of estimated possible gas reserves at year-end 2010 associated with the Company's eastern Kansas assets. All of Sefton's 2010 year-end estimated proved and possible reserves were independently estimated by Reed W. Ferrill & Associates.
In addition, a Competent Persons Report by Dr Nafi Onat, of Sure Engineering, LLC placed a maiden Net Present Value of $100.1 million (approximately £62 million) on Sefton's Kansas prospects, as announced on 12May 2011. This report provided an independent geo-technical review and economic evaluation of the conventional (sandstone, limestone and dolomite) and unconventional (coalbed methane gas) prospects in Sefton's Kansas exploration prospects which covers the Anderson, Franklin and Leavenworth Counties. Dr Onat has now embarked on further work which includes determining a valuation based on the pipeline revenue and also a valuation of the McLouth development in Leavenworth County.
Related Shares:
SER.L