TUSK Energy Corporation

TUSK Energy Corporation

November 03, 2005 11:11 ET

Changes to Tusk Management Team

CALGARY, ALBERTA--(CCNMatthews - Nov. 3, 2005) - TUSK Energy Corporation (TSX:TSK) ("TUSK") announces a number of changes to the executive management team of the Company. All of the changes became effective on November 2, 2005 coincident with the closing of the Plan of Arrangement between TKE Energy Trust ("TKE") and True Energy Inc. and the termination of the Technical Services Agreement with TKE under which the affairs of TUSK were previously managed. TUSK was formed on November 2, 2004 upon the closing of a plan of arrangement which reorganized TUSK Energy Inc. into TKE Energy Trust and TUSK.

NORMAN HOLTON APPOINTED CHIEF EXECUTIVE OFFICER - Norman W. Holton, P. Geol. has been appointed Chief Executive Officer. Mr. Holton will continue as Chairman of the board of directors of TUSK, a role he has held since the formation of the company last November. Mr. Holton was President, Chief Executive Officer and founder of TUSK Energy Inc., the predecessor company to TUSK and Chairman & CEO of TKE since November, 2004. He is also a director of True Energy Trust (TSX:TUI.UN), Chairman & CEO of Loon Energy Inc. (TSX-V:LEY), an international oil and gas exploration company partly owned by TUSK, and a director of the Canadian Association of Petroleum Producers ("CAPP").

EARL HICKOK APPOINTED PRESIDENT & CHIEF OPERATING OFFICER - TUSK is pleased to announce that Earl T. Hickok, P. Eng., will join the TUSK executive team as President and Chief Operating Officer. Mr. Hickok was appointed to the TUSK Board of Directors on June 14, 2005 and was the Chairman of the Compensation and Corporate Governance Committee and a member of the Audit and Independent Reserve Evaluation Committee prior to joining the management group.

Mr. Hickok, a Professional Engineer, was co-founder of Advantage Energy Services Ltd., which operated as a private consulting company from 1991 to 2003 focused on achieving best-in-class performance from oil and gas assets in Western Canada and internationally for its clients. In October 2003 Advantage sold its oil production to Argo Energy Ltd. He was a member of the board of directors of Argo until May, 2005 when Sequoia Energy Trust was formed through a plan of arrangement between Argo and Lightning Energy. Prior to co-founding Advantage, he was employed by Imperial Oil/Exxon Corporation for 12 years.

Until his appointment to TUSK he was President, CEO and founder of Tecskor Corporation, a private company involved in the development of computer software and organization processes to enhance enterprise execution capability in the oil and gas and public sectors. He will leave his executive position with Tecskor to focus on the affairs of TUSK but will remain as Co-Chairman of the Board of Tecskor.

Mr. Hickok has been recognized for his professional achievement and his public service. In 1996 he was appointed as a Distinguished Lecturer by the 55,000-member Society of Petroleum Engineers ("SPE") to conduct an international speaking tour on opportunities for use of technology in production operations to maximize the value of oil and gas assets. From 2000 to 2002 he served on the Alberta Government Information and Communication Technology Implementation (ICT) Committee, co-chairing the e-Health and e-Government subcommittees. In 1999 he served on the Alberta Government ICT Infrastructure Committee to help develop the Alberta SuperNet concept. In June 2005 he was recognized at the 2004 Calgary Awards for his outstanding contributions to the city.

Norm Holton, Chairman & Chief Executive Officer of TUSK said "We are pleased that we were able to augment the TUSK management team with Earl's technical expertise, organizational skills and enthusiasm."

IAN BROWN APPOINTED EXPLORATION ADVISOR - Ian T. Brown, P. Geol., formerly President, Chief Executive Officer of TUSK, will continue to be an integral part of the exploration effort at TUSK in an advisory role. Mr. Brown led the exploration team of TUSK Energy Inc. as Vice President, Exploration and was appointed as an officer of TUSK upon the formation of the company in November, 2004. Mr. Brown played a pivotal role in the growth of TUSK Energy Inc. and in the subsequent growth of TUSK over the past year. He was treated for prostate cancer in 2003 and for kidney cancer in early 2005. His decision to retire from day-to-day management will allow him to cut back on his aggressive pace while still being in a position to advise and mentor the exploration team and serve the shareholders as a director of TUSK.

DAROL TURNQUIST, APPOINTED VICE PRESIDENT EXPLORATION - Darol Turnquist, P. Geol. has worked with the TUSK group since 1996 first as a consultant to TUSK Energy Inc. and then as Exploration Manager of TUSK subsequent to the re-organization of TUSK Energy Inc. in November, 2004. Mr. Turnquist made significant contributions to both companies. Mr. Turnquist has in-depth knowledge of the exploration and producing assets of TUSK and has demonstrated his expertise as an explorationist during his time with TUSK and its predecessor company.

The other members of the TUSK executive management team will be Gordon K. Case, CA, Vice President, Finance & Chief Financial Officer and Edwin A. Beaman, P. Eng., Vice President Engineering & Production both of whom were an important part of the growth of TUSK and its predecessor TUSK Energy Inc. Mr. Case has been the Chief Financial Officer of TUSK and TKE Energy Trust since inception and prior to that time he was Chief Financial Officer of TUSK Energy Inc. since 1992. Mr. Beaman has been the Vice President in charge of engineering and production matters at TUSK and TKE Energy Trust since inception and prior to that time he was Vice President, Production and Engineering at TUSK Energy Inc. since 1998.

Wayne B. Jessee, P. Eng. has chosen to effectively continue with TKE Energy Trust by assuming the role of Vice President and Chief Operating Officer at True Energy Trust. Wayne served both TUSK and TKE as Vice President, Corporate Development since inception and prior to that time was Vice President, Corporate Development at TUSK Energy Inc. since May 2000 where his contributions as both an evaluator and strategist were a critical element of corporate growth.

TUSK is an exploration company focused on exploration for and development of natural gas and oil reserves in the northwest part of the Western Canadian Sedimentary Basin, primarily in the Peace River Arch and Mega/Venus areas of northwest Alberta.

Forward Looking Statements - Some of the statements contained in this news release are forward-looking statements. Forward-looking statements may include, but are not limited to, statements concerning estimates of recoverable hydrocarbons, expected hydrocarbon prices, expected costs, statements relating to the continued advancement of the Company's projects and other statements which are not historical facts. When used in this document, and in other published information of TUSK, the words such as "could," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are indicative of a forward-looking statement. Although TUSK believes that its expectations reflected in the forward-looking statements are reasonable, the potential results suggested by such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Various factors, which could cause actual results to differ from these forward-looking statements, include the potential that TUSK's projects will experience technical and mechanical problems, geological conditions in the reservoir which may negatively impact levels of oil and gas production and changes in product prices and other risks not anticipated by TUSK or disclosed in TUSK's published material. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.

Contact Information

  • TUSK Energy Corporation
    Norman W. Holton
    Chairman & Chief Executive Officer
    (403) 264-8875