Expand Energy Corporation

August 24, 2011 11:43 ET

Expand Energy Announces Chairman of the Board, Successful Land Acquisition Bid, New Additions to the Expand Team and Update on its Montney Oil Development

CALGARY, ALBERTA--(Marketwire - Aug. 24, 2011) -

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Chairman of the Board

Expand Energy Corporation (the "Corporation") is pleased to announce that Robert Rowley, Q.C., LLB has been appointed the Chairman of the Board of Directors of the Corporation.

Successful Land Acquisition

We are pleased to report that we have successfully bid on and acquired 7 direct offsetting sections to our already extensive land block. This brings our total land in excess of 23,000 acres of contiguous high working interest acreage with multiple prospective oil zones.

Completion of our Team

We are pleased to report additional members to our Expand team. Bruce Cameron, CMA who is an experienced executive with operating, capital and financial reporting experience has joined Expand and has been appointed Chief Financial Officer of the Corporation.

Brian Markowski has also joined Expand to handle Production Superintendent duties on our Montney play. Brian is an experienced operations manager with extensive field and process expertise in oil and gas operations and has previously worked with management of the Corporation.

Update on Montney Oil Development

We are pleased to report progress on our Montney Oil Development. Surface land acquisition is proceeding as expected and we anticipate spudding the first well in early Q4, 2011. We are reviewing all technical aspects of our execution plan and anticipate receiving Board approval to proceed with our plan.

Appointment of Auditor

PricewaterhouseCoopers LLP of Calgary, Alberta has been appointed the auditors of the Corporation.

New Office

Effective September 1, 2011, the Corporation's new office will be located at Suite 645, 404 – 6th Avenue S.W., Calgary, Alberta. New Phone number: (403) 475-4008 and Fax number: (403) 984-2807.

About Expand Energy Corporation

Expand Energy Corporation is an oil and gas company engaged in the exploration for, and the acquisition, development and production of, oil and natural gas reserves primarily in Western Canada.

Advisory

Certain statements and information contained in this press release, including but not limited to statements regarding the Corporation's business, such as drilling and board approval contain forward-looking statements. All statements other than statements of historical fact may be forward looking statements. These statements, by their nature, are subject to numerous risks and uncertainties, some of which are beyond the Corporation's control including the effect of general economic conditions, industry conditions, changes in regulatory and taxation regimes, volatility of commodity prices, escalation of operating and capital costs, currency fluctuations, the availability of services, imprecision of reserve estimates, geological, technical, drilling and processing problems, environmental risks, weather, the lack of availability of qualified personnel or management, stock market volatility, the ability to access sufficient capital from internal and external sources and competition from other industry participants for, among other things, capital, services, acquisitions of reserves, undeveloped lands and skilled personnel that may cause actual results or events to differ materially from those anticipated in the forward looking statements. Such forward-looking statements, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated in the statements made and should not unduly be relied on. These statements speak only as of the date of this press release. The Corporation does not intend and does not assume any obligation to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Contact Information

  • Expand Energy Corporation
    Russell W. Longley
    President and Chief Executive Officer
    (403) 988-0257
    rlongley@expandenergy.ca