Attached files
| file | filename |
|---|---|
| 8-K - SurgePays, Inc. | v205678_8k.htm |
EXHIBIT
99.1
Press
Release
North
American Energy Resources announces major restructuring Plan
Austin,
Tx (Businesswire) December 15, 2010. North American Energy Resources, Inc
(OTC:NAEY) today announced that its Board of Directors has approved a major
restructuring of the Company. "Our Board has been committed to enhancing
shareholder value. Over the past six months, the Board and management team have
been working with the existing debt holders to eliminate $ 556,248 of existing
debt and accrued interest. Those discussions have resulted in the conversion of
all this debt and accrued interest into common stock at an average price of
$.167 per share. These transactions effectively re-equitized our balance sheet
and enabled the company to attract a new, highly experienced management team
committed to executing an aggressive growth plan for the company" said Michael
Pruitt, Chief Executive Officer. "As a result of this restructuring, I will
remain on the board but 2 of the Board members will step aside and allow the new
team to develop and implement that plan. We all believe this is the best option
for the company and its shareholders. I would like to introduce the new
management team; Clinton W. Coldren will be the new Chairman and Chief Executive
Officer and Alan G. Massara will be Director, President and Chief Financial
Officer”.
"Since
early 2010 I have been searching for the right vehicle to reenter the
exploration and production business I know so well". said Mr. Coldren, new
Chairman and Chief Executive Officer. "I have assembled a team with all the
technical, operational and financial expertise required. I expect to initially
focus on the Gulf Coast, an area I have been successful in during my
career".
Clinton
W. Coldren - Chairman and Chief Executive Officer
Mr.
Coldren brings 33+ years of oil and gas management, financial and operational
experience to the Company. For most of these years he focused on domestic
operating basins, specifically the Louisiana and Texas Gulf coast. He has held
management positions with Gulf Oil/Chevron and CNG Producing. Mr. Coldren has
had great success as a company builder - he founded Cenergy Corporation, an oil
and gas consulting company, and was a founding member of Energy Partners, Ltd.,
which became a publicly traded company focused on the shallow-water region of
the Gulf of Mexico. At Energy Partners, he held several senior positions,
including Executive Vice President and Chief Operating Officer. Mr. Coldren then
founded Coldren Oil & Gas Company LP, where he was Director, President and
CEO for this Gulf of Mexico oil and gas company. Most recently he did a
start-up, Bayou Bend Petroleum, a publicly traded exploration company where he
was Director, President and CEO. These were all successful companies completing
major acquisitions and transactions up to $500 Million in the Gulf region. In
1977 Mr. Coldren graduated from Lehigh University with a degree in Mechanical
Engineering. He later received his MBA from the University of Pittsburgh in
1992.
"We see
many attractive acquisition opportunities and will begin evaluating them
immediately" said Alan Massara, new Director, President and Chief Financial
Officer. "Our initial focus will be for oil properties with existing production
and upside drilling and redevelopment potential. Our ability to operate should
be beneficial to maximizing potential profitability for our
shareholders"
Alan G.
Massara - President and Chief Financial Officer
Mr.
Massara has over 35 years of experience primarily in energy and investment
banking. Alan has raised over $2.5 Billion in privately placed debt and equity
and he has provided M&A, lending and advisory services to over 2 dozen
companies ranging in size from $1 Million to over $1 Billion. Mr. Massara’s
energy career began as a petroleum engineer in the Gulf of Mexico with Gulf Oil
Corp. This initial exposure included reservoir engineering, drilling, workovers,
platform and equipment design and strategic planning. Moving to the corporate
headquarters of Texaco Inc. he managed many overseas exploration and production
ventures. This included negotiating one of the first concessions with the
Peoples Republic of China, and managing operations in Spain, the Netherlands,
Egypt and Indonesia. During his oversight of Texaco’s Australian subsidiary its
earnings grew from a loss to over $100 Million profit. Moving to Wall Street he
became a VP in Citicorp’s Global Mergers and Acquisitions Group providing
advisory services throughout the upstream energy and utility industries.
Subsequently as an SVP for ING Barings, he expanded the energy group from
mezzanine lending to merchant banking. Most recently he was CEO of Four Springs
Energy LLC., and President of Natural Resources Advisors, Inc. In 1975 Mr.
Massara graduated from Lehigh University with a degree in Civil Engineering. He
later received his MBA in Finance and Strategic Planning from the Wharton
Business School in 1979.
About
North American Energy Resources, Inc.
North
American Energy Resources (OTC: NAEY) is an independent oil and natural gas
company engaged in the acquisition, exploration and development of oil and
natural gas properties and the production of oil and natural gas. The Company
operates in the upstream segment of the oil and gas industry with activities,
including the drilling, completion and
operation
of oil and gas wells in Oklahoma. The Company also has an interest in a pipeline
in its area of operations which could be used for gathering its gas and the gas
production of other producers. The Company's gas production has been shut-in due
to low prices since February 2009.
This
press release contains "forward-looking statements" within the meaning of the
federal securities laws, including statements concerning anticipated future
events and expectations that are not historical facts. These forward-looking
statements are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, as amended. The forward-looking
statements in this document reflect management's best judgment at the time they
are made, but all such statements are subject to numerous risks and
uncertainties, which could cause actual results to differ materially from those
expressed in or implied by the statements herein. In addition, the following
factors could affect the Company's actual results and cause such results to
differ materially from those expressed in forward-looking statements. Additional
information concerning potential factors that could affect future financial
results are set forth in the Company's Quarterly Report on Form 10-Q for the
quarter ended October 31, 2010. Except as required by applicable law, we
undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.
Contact
Information
North American Energy Resources,
Inc.
228 St.
Charles Avenue
Suite
724
New
Orleans, La. 70130
(504)
561-1151
Clinton
Coldren (504) 451-9059
Alan
Massara (908) 692-5382