Heavy Earth Resources Announces Appointment of B.A. (Brian) Hepp to its
Board of Directors
SAN FRANCISCO -- October 09, 2012
Heavy Earth Resources, Inc. ("Heavy Earth" or the "Company") (OTCQB: HEVI), an
oil and gas exploration and production company focused on Central and South
America is pleased to announce the appointment of B.A. (Brian) Hepp as a
Director to Heavy Earth’s Board of Directors.
“We are very pleased to have Brian join our Board,” said Grant W. Draper,
President and CEO of Heavy Earth Resources. “With his experience, Brian brings
a deep understanding of exploration and production including a proven track
record in start-up and transfer technologies.”
Mr. B.A. (Brian) Hepp, 57, has over 30 years of global engineering operations
experience in the upstream petroleum industry. Prior to joining the UK-based
oil and gas advisory firm, Rocky Mountain Limited, where Mr. Hepp provided
consulting services for TNK-BP, Petrofac and others, Mr. Hepp worked in
Drilling and Production operations with Talisman Energy and BP Canada, as Vice
President of Engineering and Operations with Bitech Petroleum, Ltd., and as
Group Operations Director for Northern Petroleum PLC. He began his career in
1982 as a process engineer with Fluor Canada Ltd.
Mr. Hepp was instrumental in increasing production in a northern Russian
development from 600 to 10,000 barrels of oil per day (bopd) in less than
three years, and increasing production from 450 to 6,000 bopd in a North
African development, in less than 18 months of his initial involvement. More
recently, he spearheaded a successful drilling and hydraulic fracture campaign
in Europe and subsequently managed the design and the installation of
production treatment facilities, which came in ahead of expectations and under
budget. This work program also witnessed his drilling team set an Eastern
Hemisphere technology record for the longest successful casing while drilling
run with a single bit.
In his role as a board member, Mr. Hepp will be assisting management to ensure
a safe and efficient execution of its operations strategy. “His appointment
comes at a pivotal time as the Company intends to commence its 2013-2014 work
program while continuing to evaluate new asset acquisition opportunities,”
said Grant Draper, CEO of Heavy Earth.
Mr. Hepp is a director of the UK-based oil and gas industry advisory firm
Rocky Mountain Limited. He also served as a director of a number of
subsidiaries of Northern Petroleum PLC (LSE: NOP), an oil and gas company
listed on the AIM Stock Exchange in London, Bitech Petroleum UK and Lukoil
Mr. Hepp received a Bachelors of Chemical Engineering from University of
Saskatchewan and holds a Masters of Arts in Administration degree from Gonzaga
University. In addition, Mr. Hepp’s memberships and professional
accreditations include the Association of Professional Engineers, Geologists
and Geophysicists of Alberta, Institute of Chemical Engineering, and the
European Engineer and European Federation of National Engineering
About Heavy Earth Resources, Inc.
Heavy Earth Resources, Inc. is an oil and gas exploration, development and
production company managed by experienced professionals and focused on
under-explored regions and basins with proven petroleum geology fundamentals
in Central and South America. The Company holds a significant drill ready,
lower risk, prospect inventory in the Llanos and Lower Magdalena Basins,
including a 50% working interest in the Morichito Block. The Morichito-5 oil
discovery is expected to be in production in 1Q 2013 with additional
developments in the Morichito discovery fairway scheduled for step out
exploration in 1Q 2013.
This press release contains forward-looking statements (as defined in Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended) concerning future events and the
Company’s growth and business strategy. Words such as "expects," "will,"
"intends," "plans," "believes," "anticipates," "hopes," "estimates," or the
negative thereof, and other variations on such words and similar expressions
are intended to identify forward-looking statements. Although the Company
believes that the expectations reflected in such forward-looking statements
are reasonable, no assurance can be given that such expectations will prove to
have been correct. These statements involve known and unknown risks and are
based upon a number of assumptions and estimates that are inherently subject
to significant uncertainties and contingencies, many of which are beyond the
control of the Company. Actual results may differ materially from those
expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially include, but are
not limited to, risks associated with drilling and production programs on the
Morichito and La Maye Blocks resulting from geological, technical, drilling,
seismic and other unforeseen problems; unexpected results of exploration and
development drilling and related activities on the Morichito and La Maye
Blocks; continued availability of capital and financing to fund exploration
and development drilling activities; increases in operating costs;
availability of skilled personnel; unpredictable weather conditions; the
impact of political and economic instability in Colombia; the ability to
obtain required approvals of regulatory authorities in Colombia; senior
management’s general inexperience in oil and gas operations in Colombia;
members of senior management not being based in Colombia, and other factors
listed from time to time in the Company's filings with the Securities and
Exchange Commission. The Company expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in the
Company’s expectations with respect thereto or any change in events,
conditions or circumstances on which any such statement is based.
Cautionary Note to U.S. Investors -The United States Securities and Exchange
Commission permits oil and gas companies, in their filings with the SEC, to
disclose only reserves that comply with the definitions presented at Rule
4-10(a) of Regulation S-X. We use certain terms in this press release that the
SEC's guidelines strictly prohibit us from including in filings with the SEC.
Examples of such disclosures would be statements regarding "probable,"
"possible," "recoverable," or “prospective” "reserves," and "resources" among
others. U.S. Investors are urged to consider closely the disclosures in our
Current Report on Form 8-K filed on May 4, 2012, and other filings available
at www.sec.gov or from us at Heavy Earth Resources, Inc., 625 Second Street,
Suite 280, San Francisco, California 94107.
Heavy Earth Resources, Inc.
Grant W. Draper, President and CEO
Anthony J. Ives, COO and CFO
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