22nd Feb 2011 07:00
Sefton Resources, Inc.
("Sefton" or the "Company")
Appointment of Advisors
The Board of Sefton Resources, Inc. (AIM :SER), the oil and gas production company, is pleased to announce the appointment Rivington Street Corporate Finance and Dowgate Capital Stockbrokers as joint brokers, Dr Michael Green as Investor Relations advisor and Cadogan PR as Public Relations advisor with immediate effect. In addition, as part of the Company's strategy of extending our reach in the market, Seton Resources has also contracted Growth Equity & Company Research (GECR) to provide research coverage over the next twelve months. Religare Capital Markets will remain as broker until 16 May 2011 and continue to act as the Company's Nominated Adviser.
Commenting today, Jim Ellerton, Acting Chairman and CEO of Sefton Resources said:
"I'm delighted that Michael has joined our team and welcome his support and experience in promoting small companies - his input together with our existing advisors and now Rivington Street Corporate Finance and Dowgate Capital means that we are very well positioned to raise our profile in the City and widen our investor base. I would like to thank Religare Capital Markets for their brokerage services over recent years; and I am pleased that they will continue to act as Nomad. "
For further information please visit www.seftonresources.com or contact
John James Ellerton, Acting Chairman and CEO | Tel: (303) 759 2700 |
Dr Michael Green, Investor Relations | Tel: 07855 734970 |
Nick Harriss/Derek Crowhurst, 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 |
About Sefton
Sefton Resources is an AIM-listed oil and gas exploitation and production company. Its main area of activity is in the East Ventura Basin in California, where it owns 100% of two oil fields. Tapia Canyon (heavy gravity oil) and Eureka Canyon (medium gravity oil), both of which have over 45,000 acres in the forest City Basin of Kansas, where coal bed methane, as well as conventional oil and gas deposits are targets.
Currently Sefton Resources has a market capitalisation of £4.0 million compared to a Present Value of US$80.6 million¹ (approximately £49.7 million). Estimated proved reserves stood at 3.8 million barrels of oil at the year-end, a figure which 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 of estimated possible gas reserves at year-end 2010 associated with the Company's Eastern Kansas assets.
¹ Based on the estimated future net cash flows from estimated proved reserves before income taxes using a 10% discount rate (PV 10) and a 12 month average blended price per barrel of US$71.38 for Tapia and Eureka Canyon Fields. Using strip prices as of 31 December 2010, the pre-tax PV10 value of Sefton's proved reserves would have been US$109.9 million (approximately £67.7 million).
All of Sefton's 2010 year-end estimated proven and possible reserves were independently estimated by Reed W. Ferrill & Associates Inc.
Related Shares:
SER.L