Alexander Energy Ltd. Announces Change of Directors and New CEO
CALGARY, ALBERTA -- (Marketwired) -- 06/19/13 -- Alexander Energy
Ltd. ("Alexander" or the "Company") (TSX VENTURE:ALX) is pleased to
announce that Mr. Dan Wilson, P.Eng. and Mr. Bill Macdonald are
joining the Board of Directors effective June 19, 2013. In addition
Mr. Wilson was appointed CEO of Alexander Energy effective June 19th.
Mr. James Sanden, the previous CEO, remains as Chairman of the Board.
Mr. Peter Lubey and Mr. Al Rasmuson have resigned their positions as
Directors of Alexander. They have served Alexander shareholders with
integrity for years and we thank them for their professional service.
Under Mr. Sanden's guidance Alexander formulated and executed a
business plan with the following results: drilled three wells with
100% success, increased production, improved geological and
geophysical understanding, improved internal reporting and improved
land and lease activities. This was enabled by a motivated, cohesive
management group. Cash flow rose from $990,000 in Q4, 2012 to
$1,802,000 in Q1, 2013. These are significant achievements and the
Company would like to thank Mr. Sanden for his valuable contribution.
Mr. Wilson and Mr. Macdonald bring a wealth of experience in the oil
business and the Company welcomes them to the Board.
Mr. Daniel T. Wilson, P. Eng., is a professional engineer with 27
years of oil and gas experience in successful junior oil and gas
exploration and development companies. Mr. Wilson is currently
President, Chief Executive Officer and Chairman of Relentless
Resources Ltd., a publically traded junior oil and gas company. Prior
to Relentless, Mr. Wilson was Chief Executive Officer of Vigilant
Exploration Inc., a private oil and gas company, from October 2008
until the sale of the company in November 2009 to Tourmaline Oil
Corp. Prior to joining Vigilant, he was President, Chief Executive
Officer and founder of Relentless Energy Corporation form 2002 to
2005 and President and Chief Executive Officer of Chain Energy
Corporation, a publically traded company, from 2000 to 2002.
Mr. William C. Macdonald has over thirty years of petroleum land
management experience in the Western Canadian Sedimentary Basin. In
1997 Mr. Macdonald co-founded Avalanche Energy Limited, a private oil
and gas company that sold three years subsequent to inception for
approximately 10 times its initial share price. He currently serves
on the Boards of one public and four private oil and gas companies.
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Forward-Looking Statements: All statements, other than statements of
historical fact, set forth in this news release, including without
limitation, assumptions and statements regarding the volumes and
estimated value of the Company's proved and probable reserves, future
production rates, exploration and development results, financial
results, and future plans, operations and objectives of the Company
are forward-looking statements that involve substantial known and
unknown risks and uncertainties. Some of these risks and
uncertainties are beyond management's control, including but not
limited to, the impact of general economic conditions, industry
conditions, fluctuation of commodity prices, fluctuation of foreign
exchange rates, environmental risks, industry competition,
availability of qualified personnel and management, availability of
materials, equipment and third party services, stock market
volatility, timely and cost effective access to sufficient capital
from internal and external sources. The reader is cautioned that
assumptions used in the preparation of such information, although
considered reasonable by the Company at the time of preparation, may
prove to be incorrect. 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.
These assumptions and statements necessarily involve known and
unknown risks and uncertainties inherent in the oil and gas industry
such as geological, technical, drilling and processing problems and
other risks and uncertainties, as well as the business risks
discussed in Management's Discussion and Analysis of the Company
under the heading "Business Risks". The Company does not undertake
any obligation, except as required by applicable securities
legislation, to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information,
future events or otherwise.
Barrels of oil equivalent (boe) is calculated using the conversion
factor of 6 mcf (thousand cubic feet) of natural gas being equivalent
to one barrel of oil. Boes may be misleading, particularly if used in
isolation. A boe conversion ratio of 6 mcf:1 bbl (barrel) is based on
an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the
wellhead. Given that the value ratio based on the current price of
crude oil as compared to natural gas is significantly different from
the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis
may be misleading as an indication of value.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Alexander Energy Ltd.
Hugh M. Thomson
Vice-President Finance and Chief Financial Officer
(403) 264-1348 (FAX)
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