NEW YORK, NY and KIEV, UKRAINE--(Marketwired - Jan 7, 2014) - Great East Energy, Inc. (OTCQB: GASE) ("GASE" and the "Company") which controls 420 square kilometers of producing European clean energy holdings through two local operating companies in Ukraine, is pleased to announce that it has promoted leading international financial and energy executive. Mr. Timur Khromaev to the post of CEO, and named Michael Doron as Chairman. GASE is publically traded in the U.S. and is a fully-reporting company with the SEC whose wholly-owned Cyprus-based subsidiary controls two Ukraine companies which have been producing gas since 2003, own two gas processing facilities, and 13.5 kilometers of gas pipelines to their customers.
Mr. Khromaev served as the GASE Chief Operating Officer since the Company's formation, and he is the sole shareholder of Bezerius Holdings Limited, a corporation organized under the laws of the Republic of Cyprus ("BHL"), which is the majority shareholder of the Company. He will continue to lead GASE's energy production strategy, and provide finance expertise for the further growth and development of Great East Energy. Mr. Khromaev is an advisor at ARTA, a leading Ukrainian investment company with a significant presence in the Eastern European energy sector, which he founded in 2002 and where until September 2013 he managed investment banking, corporate finance, brokerage and asset management departments. Prior to co-founding ARTA in 2002, Mr. Khromaev was Deputy Chairman of the Board at both TAS-Invest Bank and NRB-Ukraine. Mr. Khromaev has also held top ranking positions at the Ministry of Finance of Ukraine including the post of the Head of Capital Markets Development Department. Mr. Khromaev obtained a B.A. degree in Economics from Union College in New York, and a Master's degree in International Law from the Institute of International Relations at Kiev's National Taras Shevchenko University.
Mr. Doron, based in Stockholm, Sweden, is an experienced entrepreneur, investor, international business leader, and independent board member, who previously served as the CEO of GASE. He currently serves as the Chairman of Next Graphite, Inc., and is an independent member of the Board of Directors at MusclePharm Corp., where he chairs its Governance and Nomination Committees and serves as a member of the Audit Committee. He was previously Managing Partner at DDR & Associates, a business development firm specializing in pre-IPO companies, and as a Co-Founder and Partner in Evolution Capital, specializing in providing capital to publicly held companies. Mr. Doron is a graduate of the University of Maryland.
GASE owns operating and distributing unconventional gas companies in the Dnieper-Donets Basin of Ukraine, with current production and infrastructure already in place. GASE's 420 square kilometer property has seven major dome structures, and according to its prior owners, has already produced nearly one billion cubic feet of gas (BCF). Twelve core wells and five vent-wells have been drilled on the producing domes to confirm the presence and production of gas.
GASE's assets are surrounded by Royal Dutch Shell's Yuzivske gas field comprising nearly 8,000 square kilometers, which was the featured asset in a USD$10 billion contract signed by Ukraine at Davos, Switzerland earlier in 2013. The preliminary resources estimation of the Yuzivske gas field is up to 300 trillion cubic feet. The GASE Block reserves were evaluated by Marathon Oil in 2007 and an independent NI 51-101 report is expected to be issued in 2014.
Great East Energy is a producing, development stage company targeting the growing independent natural gas production industry of Ukraine, as Europe's second-largest country by land mass makes energy self-sufficiency from Russia a priority. With Ukraine natural gas priced over three times U.S. levels, the energy industry holds compelling economics as well. Through its local operating subsidiaries NPK-KONTAKT and LISPROMGAZ, the completion of GASE's well development activities are planned to result in a multi-million dollar inward investment into Ukraine.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of the Company's management and are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements.
Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing resources; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Ukraine, as well as all assumptions, expectations, predictions, intentions or beliefs about future events.
Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in Ukraine, general economic conditions; geopolitical events and regulatory changes, availability of capital, the Company's ability to maintain its competitive position and dependence on key management. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.