SOURCE: Paxton Energy, Inc.

July 06, 2011 09:00 ET

Paxton Appoints New President and New BOD Member

SAN FRANCISCO, CA--(Marketwire - Jul 6, 2011) - Paxton Energy, Inc. (OTCBB: PXTE) (Paxton), an energy turnaround company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, is pleased to announce the recent appointment of Robert Fulton Smith, Jr. ("Tony") to Company President. Mr. Smith is currently President and Chief Executive Officer of Virgin Oil Company, Inc. and Virgin Offshore USA, Inc. and brings more than 30 years of industry experience to Paxton.

Mr. Smith began his career in the oil and gas industry in the late 70s as a petroleum landman at New Orleans-based Exchange Oil & Gas and then, later, at Exxon Corporation. In 1980, he started a Rocky Mountain drilling program and drilled 18 wells in Colorado, Wyoming and North Dakota. In 1981, Mr. Smith formed Vermilion Energy Company to focus on leasing and drilling opportunities in South Louisiana. In 1988, while serving as Chairman and Chief Executive Officer, he took the company public on the London Stock Exchange. Mr. Smith subsequently sold his interests in the company when it became part of a consolidation in 1993. In 1996, he formed Virgin Oil Company to pursue overseas exploration opportunities in China and to participate in opportunities in the U.S. Gulf Coast and Gulf of Mexico. In 1998 Virgin participated in the drilling of four wells with Hunt Petroleum in the Gulf of Mexico with a 100% success rate. The Company sold its China operations in 2001 to focus on operations in the Gulf of Mexico's Outer Continental Shelf under its wholly owned subsidiary, Virgin Offshore USA, Inc. Mr. Smith has since remained Chairman and CEO of both Virgin Oil and Virgin Offshore Companies.

Mr. Smith earned his B.A. degree in Economics from Loyola University and participated in postgraduate Management studies at Harvard Business School. He is an active member and past director of the Independent Petroleum Association of America and of the American Association of Petroleum Landmen.

The company also appointed Mr. Paul A. Jordan to Paxton's Board of Directors. Mr. Jordan has more than 25 years of diverse experience in the energy and natural resource industries, having been engaged in various financial, technical and management roles in the private investment, financial services, and energy industries.

About Paxton
Paxton engages in the acquisition, exploration, development and drilling of oil and natural gas properties. Paxton is an energy turnaround company whose strategy is to acquire cash flow producing properties with proved and probable reserves, develop the fields by reworking existing wells and drilling new wells. Paxton was founded in 2004 and is based in Stateline, Nevada.

Cautionary Note to U.S. Investors
Effective January 1, 2010, the United States Securities and Exchange Commission (SEC) now permits oil and gas companies, in their filings with the SEC, to disclose not only "proved" reserves (i.e., quantities of oil and gas that are estimated to be recoverable with a high degree of confidence), but also "probable" reserves (i.e., quantities of oil and gas that are as likely as not to be recovered) as well as "possible" reserves (i.e., additional quantities of oil and gas that might be recovered, but with a lower probability than probable reserves). As noted above, statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve estimates provided in this press release that are not specifically designated as being estimates of proved reserves may include estimated reserves not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines. Investors are urged to consider closely the disclosure in Paxton's Annual Report on Form 10-K available from Paxton at P.O. Box 1148, Zephyr Cove, NV 89448 (attn: Investor Relations). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC's website at www.sec.gov.

Safe Harbor
Statements about Paxton's future expectations and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. Paxton intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to Paxton that is based on the beliefs of Paxton and/or its management as well as assumptions made by and information currently available to Paxton or its management. Paxton does not undertake any responsibility to update the forward-looking statements contained in this release.

Contact Information

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    410-833-0078