SOURCE: Gulf United Energy

December 22, 2010 08:28 ET

Gulf United Energy Announces Appointment of Executive Officers

Expanded Management Team Has Extensive Experience in Colombia and Peru

HOUSTON, TX--(Marketwire - December 22, 2010) - Gulf United Energy (OTCBB: GLFE) ("Gulf United" or "the Company"), an independent energy company with interests in oil and natural gas properties located in Peru and Colombia, has announced the appointment of three new executive officers.

Jim Ford (56) will serve as the Company's Executive Vice President - Business Development and Operations. Ernest B. Miller IV (42) has been appointed Executive Vice President - Corporate Development and Administration. James C. Fluker III (62) will serve as the Company's Vice President - Exploration.

Jim Ford has over 30 years of experience in the energy sector. Since September 2005, he has served as a director of Rodeo Development Ltd., a privately held company that developed the Logbaba Natural Gas & Condensate block in Douala, Cameroon. Rodeo is now a wholly-owned subsidiary of Victoria Oil & Gas (London AIM). Mr. Ford served as President of Rodeo Development from September 2005 to March 2010. From May 2001 to November 2006, he served as President of Riata Resources Corp., where he has been a director since May 2001. Other positions held by Mr. Ford during his career include: President of Intercap Resource Management Corp., a publicly-traded company active in Yemen and Colombia; senior international negotiator for Santa Fe Energy; and President of a number of Santa Fe's international subsidiaries, including Santa Fe Energy (Colombia) Ltd. and Petrolera Santa Fe (Ecuador). While at Santa Fe, he was directly involved in South America, Africa, the Former Soviet Union and Asia. He was responsible for negotiating the first onshore production-sharing agreement in China.

Ernest B. Miller IV has 18 years of experience in energy development, operations, and finance with public and private companies based in the U.S., Canada and the United Kingdom. He was a partner in Rodeo Development Ltd. from September 2005 to March 2010. Prior to his work with Rodeo Development in Cameroon, Mr. Miller was Director of Finance at Calpine Corporation (NYSE), where he was responsible for project financing for the construction of new combined cycle power plants and for the acquisition of natural gas reserves. After leaving Calpine, Mr. Miller provided consulting services to BPZ Energy (NYSE) involving that company's IFC financing package, and he was a principal in Tiger Midstream Development.

James C. Fluker III is a professional geophysicist and geologist with over 30 years of experience in petroleum exploration. Since December 2009, Mr. Fluker has served as a consultant to Gulf United, providing services relating to the Company's oil and gas interests in Colombia and Peru. Between April 2007 and November 2009, he was a consultant for SK Energy Co., Ltd., a subsidiary of SK Group (Korea's largest petroleum refiner) that is currently active in 34 blocks in 19 countries. Between January 2006 and May 2007, Mr. Fluker served as a consultant to CCC. He provided consulting services to Teikoku Oil Co. between January and December 2005. Prior to his consulting work, Mr. Fluker was with Exxon, where he specialized in the Gulf Coast region of Texas. He later served as exploration manager for Tenneco Oil Co. in Ecuador. Mr. Fluker also worked for 11 years with Nippon Oil Exploration in South America. Primary areas of interest for Teikoku Oil in South America included Colombia, Peru and Venezuela. Mr. Fluker speaks, reads and writes Spanish fluently.

"We are very pleased to announce the addition of these experienced individuals to our executive management team in anticipation of a ramp-up in exploration and development activities in South America," noted John Connally, Chief Executive Officer of Gulf United Energy, Inc. "Our expanded management team has extensive experience in South America, in general, and Colombia and Peru, in particular. With initial exploratory drilling on Block CPO-4 in Colombia expected to commence, and additional seismic mapping planned for Block Z-46 offshore Peru, we look forward to an exciting year in 2011."

About Gulf United Energy, Inc.

Based in Houston, Texas, Gulf United Energy, Inc. is an independent energy company with interests in oil and natural gas properties located in Peru and Colombia. The Company's common stock is listed on the OTC Bulletin Board under the symbol "GLFE." Additional information can be accessed by reviewing the Company's Form 10-K and other periodic reports filed with the Securities and Exchange Commission.

Safe harbor for Forward-Looking Statements: The information in this release may contain forward-looking statements relating to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Forward-looking statements in this release include, without limitation, the Company's expectations of the oil initially in place, drilling schedules and success rates, the reliability of 2D and 3D data, resource information and other performance results. These statements are made to provide the public with management's current assessment of the Company's business, and it should not be assumed that these reserves are proven recoverable as defined by SEC guidelines or that actual drilling results will prove these statements to be correct. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based. Certain factors may cause results to differ materially from those anticipated by some of the statements made in this release. Please carefully review our filings with the SEC as we have identified many risk factors that impact our business plan.

Contact Information

  • Contact:

    John Connally
    Chief Executive Officer
    (713) 942-6575


    RJ Falkner & Company, Inc.
    Investor Relations Counsel
    (830) 693-4400