Longford Corporation

August 23, 2007 17:30 ET

Longford Corporation Appoints Ahmed S. Said as President and Chief Executive Officer and a Director

CALGARY, ALBERTA--(Marketwire - Aug. 23, 2007) - Longford Corporation ("Longford" or the "Company") (TSX VENTURE:LFD) is pleased to announce the appointment of Ahmed Said as President and Chief Executive Officer and a Director effective as of August 30, 2007. Mr. Said's background includes operational and senior management roles both domestically and internationally. His recent focus has included corporate strategy development and host government negotiations. He has also been responsible for the implementation of a multi-million dollar exploration program and played a key role in the successful negotiation and signing of a Production Sharing Agreement. The Company has granted Mr. Said a total of 1,000,000 options, with an exercise price of $0.10, subject to regulatory approval. The options shall have a term of five years and will vest in equal amounts over the next four quarters.

Stan Bharti, Chairman of the Company, commented, "The appointment of Mr. Said is an important step in refocusing Longford for a new phase of growth. The Board believes that Mr. Said's technical background and broad international experience will contribute greatly to the current strategic review and will lead the Company effectively going forward."

David Walters has resigned as President, Chief Executive Officer and a Director of the Company effective August 30, 2007 and Niels Gundersen has resigned as Executive Vice President and Chief Operating Officer of the Company. The Company has also accepted the resignation of Mr. Don Parker as a Director of the Company. Longford would like to thank the aforementioned gentlemen for their valued contributions.

The Company also announces that a summary judgement has been rendered against the Company in favour of Triumph Well Service Ltd. Triumph has been awarded payment for invoice amounts totalling $208,491.40, plus interest, and court costs. Longford is continuing to focus on remedying its working capital shortfall, and is currently reviewing its options with respect to settling its accounts with creditors.

The board of directors has initiated a full internal review of the Company's oil and gas operations in Alberta and Alabama and is evaluating strategic alternatives. Pending the successful settlement of its liabilities with its creditors, the Board of Directors intends to focus the Company in the near term to aggressively pursue strategic high impact, international opportunities to enhance shareholder value.

Forward-looking Information

Statements in this release that are not historical facts are "forward-looking information" within the meaning of applicable securities law. Certain information regarding the Company in this news release including the board's assessment of future plans and operations, and the ability of the Company to settle outstanding debts may constitute forward-looking information and necessarily involve risks including, without limitation, risks associated with oil and gas development, production, competition for assets, inability to retain drilling rigs and other services, and delays resulting from or inability to obtain required regulatory approvals. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking information".


Contact Information

  • Longford Corporation
    Ahmed S. Said
    (403) 441-1160
    (403) 263-3041 (FAX)