SOURCE: EFL Overseas Inc.

September 06, 2012 08:15 ET

EFL Overseas Continues to Build Executive Team

Robert Wesolek Appointed Chief Financial Officer

HOUSTON, TX--(Marketwire - Sep 6, 2012) - EFL Overseas Inc. (OTCQB: EFLO) ("EFLO" or "the Company"), announces the appointment of Robert Wesolek as Chief Financial Officer. Wesolek undertakes the CFO role as EFLO moves to complete its Kotaneelee Project acquisitions, and targets migration to an alternative stock exchange.

"We are happy to engage Bob more fully in our efforts," stated EFLO Chief Executive, Keith Macdonald. "As a director, he's already provided significant momentum to our acquisition of the Kotaneelee Gas project ("KGP"). As CFO, we look forward to utilizing Bob's wealth of executive experience to help insure orderly growth and navigate our increasingly complex regulatory environment."

"I have every confidence in EFLO's success," Wesolek commented. "In my opinion, the KGP provides a strong foundation for substantial shareholder value."

"I am also pleased with EFLO's plans for migration to a more senior stock exchange," Wesolek continued. "If successful, I believe the enhanced market infrastructure and investor constituency associated with a sponsored exchange will be a more appropriate match to EFLO's potential."

Robert Wesolek, CPA, has more than 30 years senior executive experience in both public accounting and private industry. He has served as a director of EFLO since June 2011, and has been the Chief Financial Officer of Holloman Energy Corporation since August 4, 2009. Wesolek's background provides wide-ranging public company experience with a well developed focus on executive financial management, accounting, regulatory compliance, internal controls and information architecture. Wesolek has also served as Chief Financial Officer and director of House of Brussels Chocolates Inc. (2004-2006), President and Chief Executive Officer of The Navigates Corporation (1998-2004), Chief Financial Officer of Sharp Technology Inc. (1998-2001), President of the Desktop Software Division of Citadel Security Software (1996-1998), and Chief Operating Officer of Kent Marsh Ltd., Inc. (1988-1996). From 1980 to 1988, Mr. Wesolek was a Senior Practice Manager in the Audit Division of Arthur Andersen LLP.

About EFL Overseas

On July 18, 2012, EFLO completed its acquisition of Devon Canada's entire right and interest (generally a working interest of 22.989%, with a working interest of 69.337% in one producing gas well) in the Kotaneelee Gas Project.

The KGP covers 30,188 gross acres in the Yukon Territory in Canada, and includes; a gas dehydration plant (capacity: 70 million cubic feet per day ("MMCFD")), one gas well producing approximately 3.5 MMCFD, one water disposal well (capacity: 6,000 barrels per day), and two suspended gas wells. The KGP has a fully developed gas gathering, sales and delivery infrastructure, airstrip, roads, flarestack, storage tanks, barge dock and permanent camp facilities.

Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which the Company has little or no control. The Company does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the Company's recent filings with the SEC.

Contact Information

  • ON BEHALF OF THE BOARD OF DIRECTORS
    EFL Overseas Inc.

    Contact:
    Keith Macdonald
    EFL Overseas Inc.
    1 (403) 246-8443