Opal Energy Corp.

Opal Energy Corp.

January 02, 2008 08:30 ET

Opal Energy Announces New Management Structure

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 2, 2008) -


Opal Energy Corp (the "Company") (TSX VENTURE:OPA) announced today several key changes in its management team designed to accelerate Opal's emergence as a premier developer of giant Texas onshore natural gas resources. With the expansion of capabilities comes the need to formalize the organizational structure and provide for increased availability of Mr. Ron E. Oligney. In order to accomplish this purpose, Mr. Oligney assumes the position of Chairman of the Board of the Company effective January 1, 2008. Further, as a result of the assignments described below, Mr. Oligney will be meeting in January 2008 with shareholders in North America and several European countries where the Company has significant shareholder support, and he will be available for other similar events. The Company also announced that Tommy Bolin, Chief Operating Officer of wholly owned subsidiary, Opal Energy, Inc. ("OEI"), has been promoted effective January 1, 2008 to the position of Chief Executive Officer of the Company, bringing his extensive experience in building an exploration and production success story.

To view a photo of the Opal Energy Office, please visit the following link: http://www.ccnmatthews.com/docs/OPAL102.jpg.

The main hub of Opal operations is in the newly expanded office headquarters in Katy, Texas in which the primary focus of the Company's operations is coordinated. This expansion in Katy will allow the management to access energy industry participants in the Houston world energy arena.

Commenting on the new appointments, Opal Chairman Ron Oligney said, "I am personally very pleased with the changes occurring at Opal, and it should demonstrate that our plan is working quite well. We are pleased with progress of the Texas Giants exploration strategy and our objective to build a team of highly technical professionals who will carry-forward and accelerate the objectives of the company. We are making these changes, particularly with the appointment of Tommy Bolin as our CEO, to allow our investors greater access to their Chairman and to organize our excellent team for efficient execution of the exploration strategy."

Tommy Bolin - Chief Executive Officer

Since joining the Company in 2007, Mr. Bolin has quickly assembled a highly experienced oil and gas team that has analyzed data which the Company believes correlates Lower Tertiary world class discoveries by the energy industry in the Gulf of Mexico with the deep prospects identified by the Company in the South Texas Gulf Coast onshore and near shore. Mr. Bolin has significant experience in challenging drilling targets with high temperature and high pressure as is expected in the Texas Giants prospects of the Company.

A highly-qualified engineer, operations manager, and businessman with a 25 year history in the U.S. oil and gas industry, Mr. Bolin brings invaluable technical expertise to his leadership role at Opal Energy Corp. Knowledgeable and experienced with the majority of U.S. oil and gas basins, Mr. Bolin has worked on a multitude of projects throughout the Gulf of Mexico Shelf, Gulf of Mexico Deepwater, Inland Waters, South Texas, East Texas, Louisiana, Wyoming, North Dakota, Montana, Mississippi, and Alabama, as well as on several international assignments.

Much of Mr. Bolin's experience was gained while at EEX Corporation (formerly Enserch Exploration), where during his 20 year tenure (1980 to 2000) he assumed ever-widening responsibility, and rose to the rank of Worldwide Completions Manager in 1997. While at EEX, Mr. Bolin acquired a thorough understanding of all phases of the business, including a rare opportunity to participate as member of a team responsible for drilling 20,000 to 30,000 foot deep wells in the Gulf of Mexico. He also served as EEX's representative on the Deepvision Project, a joint industry group tasked with developing an open water, reeled pipe, dual density drilling system, and completed six subsea wells at Garden Banks 388 with no completion failures. Prior to joining Opal Energy, Mr. Bolin worked for Clayton Williams Energy as Production Manager (2001 to 2004) where he oversaw well completions and production and was heavily exposed to 3D exploration technology.

Bruce N. Huff - Chief Financial Officer

Recently added Chief Financial Officer, Bruce N. Huff, has assumed full responsibility for financial matters of the Company and in that regard the Company announced the resignation of Mr. Bradley T. Aelicks as Vice President of Corporate Finance effective December 31, 2007. The board also expressed its appreciation for the professional efforts of Mr. Aelicks in his service to the Company. Mr. Huff has brought over 35 years of professional experience, the last 17 at the senior management level of public oil and gas companies. Mr. Huff has also added significant experience with institutional investors in the development of growing oil and gas exploration and production entities.

Rick Ysa - Chief Operating Officer/Steve Hoover - Senior Vice President, Exploration

Effective immediately, the Company has also promoted two other technical professionals, Rick Ysa as the Chief Operating Officer of OEI and Stephen P. Hoover as the Senior Vice President, Exploration of OEI.

Mr. Ysa brings more than 15 years of drilling, completions and operations experience to Opal Energy Inc. and has worked with major independent operators on a wide range of exploratory and development projects throughout the Gulf of Mexico and US Onshore. From 2000 to 2006, Mr. Ysa worked as Drilling Superintendent/Engineer for Kerr McGee Oil & Gas Corp where he supervised drilling operations and engineered drilling projects in South Texas, Texas Gulf Coast, and West Texas, with a depth range of 4,500 to 15,000 feet. He also engineered drilling projects in the Shelf and Deep Water areas of the Gulf of Mexico, utilizing jack-up, semi-submersible and dynamically positioned drilling rigs. From 1993 to 2000, Mr. Ysa worked as Senior Drilling Engineer for EEX Corp (formerly Enserch Exploration Inc.) on a range of offshore and onshore projects. He designed, planned and executed three deepwater GOM exploratory projects using semi-submersibles drilling rigs, at depths ranging 15,000 to 23,000 feet TVD in water depths of 1,500 to 2,700 feet.

Mr. Hoover is a geophysicist with 30 years experience and the scope of Mr. Hoover's exploration, development and analysis experience is far-reaching. He is accomplished at all geophysical aspects of the business including management of multi-million dollar seismic budgets, oversight of seismic data acquisition, processing, and exploration. Prior to joining Opal Energy, Mr. Hoover worked as a Geophysical Consultant for Riviera Production Co. Ltd. (2004 to 2006), where he generated prospects from a 1000 square mile, 3-D seismic survey data set in South Texas and identified over 15 prospect leads, the first of which resulted in a discovery of the East Monte Christo (13,000') Field.

From 2001 to 2004, Mr. Hoover was Principal Geophysicist for El Paso Production Co. (formerly Coastal Oil & Gas Corporation) where he worked the Frio and Vicksburg Trends in Hidalgo and Willacy Counties, used coherence and AVO techniques to detect and map shallow Frio channels and worked with the Vicksburg team that discovered two large deep fields: Sante Fe Ranch (Tom East Field, EUR 300 BCF) and an extension of East Monte Christo Field (EUR 350 BCF). From 1980 to 2000, Mr. Hoover worked for Coastal Oil & Gas Corporation where in 1994, he ultimately rose to Chief Geophysicist responsible for the company's geophysical data base, world-wide data acquisition, workstations, E&P software, and geophysical contracts. During this period, he monitored seismic acquisition programs in Peru, Argentina, Hungary, South China Sea, Australia, Texas, Mississippi, Louisiana and Oklahoma.

Jesse Allen - Vice President, Engineering

Also, effective immediately, the Company also announced the promotion of Jesse J. Allen as the Vice President, Engineering of OEI. Prior to joining Opal Energy, Mr. Allen was Vice President of Operations for Tempest Energy Resources where he was responsible for the drilling, completion and production of all company operated wells concentrated in the high pressure and high temperature areas of the Gulf Coast and South Texas.

From 2004 to 2006, Mr. Allen worked as Drilling and Completions Engineering Advisor for Kerr McGee Oil & Gas Corp. where he was technology champion for drilling and completions with Kerr McGee's Worldwide Technology Group and identified and performed workovers and completions in the Texas Gulf Coast area. From 2000 to 2004, he was Completions/Operations Manager for Trans Texas Gas Corp where he supervised the company's entire oil and gas operations concentrated in South Texas and into the shallow waters of Galveston Bay where complex completion operations were performed in the deep, high pressure and high bottom hole temperature of the very prolific Vicksburg formation. He was also responsible for several challenging completion/rework-frac projects in the Bonus Field area of Wharton Co., Texas. From 1998 to 2000, Mr. Allen was Senior Completions Engineer for BP Amoco, Coastal Oil & Gas Corp and EEX Corporation where he designed and performed several highly complex shelf and offshore, workovers and completions in the Gulf of Mexico.

Don Squyres - Vice President, International Exploration

Additionally, effective immediately the Company announced the appointment of Don H. Squyres as the Vice President, International Exploration of OEI. Mr. Squyres previously has served as the Vice President, Exploration of OEI. A Professional Explorationist and Geologist with 25 years experience in North America and overseas, including 15 years with Fortune 500 companies Exxon and DuPont, Mr. Squyres brings a broad range of technical ability to his role as Vice President, International Exploration for Opal Energy.

Prior to joining Opal Energy, from 2003 to 2006, Mr. Squyres worked as Explorationist and Seismic Interpreter for Apex Metalink, Inc. where he completed geological, geophysical, prospect generation, and exploration interpretation on seismic datasets worldwide (onshore and offshore) for clients including Apache, Shell, Hunt, El Paso, TXCO, Santos Australia, Saudi Aramco, CNOOC, Eni, RepSol, Woodside Australia, Roc Oil, Carrizzo, Yuma, Isramco, Brayton, Couch Oil, and Bison O&G. Before joining Apex, from 1996 to 2003, Mr. Squyres operated an independent consulting company focused on oil-field related issues working on a wide range of projects throughout Texas.

From 1987 to 1996 Mr. Squyres worked for DuPont where as Geologist and Project Manager he was responsible for range of projects that included mapping and interpreting well, seismic, and additional data related to DuPont's use of its deep injection wells. While at DuPont, he also managed large numbers of diverse, multi-million dollar projects, with technical and supervisory responsibility for dozens of geologists, geophysicists, and engineers. From 1981 to 1986, Mr. Squyres worked for Exxon as an Exploration Geologist where he trained and worked in Exxon's Gulf Coast Exploration Division, Exxon's Offshore Texas Coastal Waters Division, and Exxon's South Texas King Ranch Exploration group. He was also assigned to Exxon's Texas Cotton Valley Tight Gas Sands Regional Study, and assisted with the Exxon Production Research Companies' Offshore Miocene Isotopic Gas Analyses Scientific Study Project conducted to determine the source rocks in the Gulf Coast Basin.

Mr. Squyres has authored and co-authored multiple articles for the Oil and Gas Journal, a highly respected industry publication read world-wide. He holds a Bachelor of Science in Geology from the University of Houston, a Bachelor of Science in Business Management from the Virginia Polytechnic Institute and is a Registered Professional Geologist in two states.

Opal Energy

Opal Energy Corp, through its U.S. subsidiary Opal Energy Inc., offers an aggressive, disciplined and results-oriented vehicle to invest in the U.S. Exploration and Production "E&P" sector with a particular focus on natural gas exploration targets in South Texas. The business strategy is to build asset value through drilling, growing a production platform upon which will be superimposed some potential high value exploration opportunities. Drilling inventory will be continuously enhanced by the implementation of a series of proprietary 3-D seismic shoots.

On behalf of the Board of Directors

Opal Energy Corp

Ronald E Oligney John H. McAdam
Chairman of the Board President and Director

January 2, 2008

This release includes certain statements that may be deemed forward-looking statements. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, production activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, production and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Opal does not assume a duty to update these forward-looking statements. For more information on the Company, Investors should review the Company's filings that are available at www.sedar.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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