SOURCE: Paxton Energy, Inc.

September 01, 2010 10:30 ET

Paxton Energy Appoints Stephen Spading as CFO

SAN FRANCISCO, CA--(Marketwire - September 1, 2010) -  Paxton Energy, Inc. (OTCBB: PXTED), an energy turnaround company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, takes this opportunity to announce that the company has appointed Mr. Stephen Spading as its Chief Financial Officer. Mr. Spading immediately assumes full financial control of the company, managing the company's operating assets, and implementing accounting and IT systems and controls.

Mr. Spading brings over 30 years of extensive experience in executive management, corporate governance, risk management, control design and development. He has supported early stage companies in various roles throughout his career. He has also partnered pre-IPO projects in support of their IPO, and has assisted several companies with Sarbanes Oxley compliance projects. In addition, he served as Regional Practice Partner with Deloitte and Touche's Controls Technology Development & Implementation and Enterprise Risk Services Practices for six years. During that time, Mr. Spading had responsibility for the firm's west coast technology practice as well as some of the firm's largest west coast clients, including Microsoft, Boeing, and Safeway to name a few. Furthermore, Mr. Spading served as a founding partner with KPMG's Information Risk Management Practices and served as a partner in their Strategic Services & Enabling Technology practice for thirteen years. Mr. Spading earned his MBA in Quantitative Analysis from the University of Arizona, and a B.S. in Finance and Management and a B.S. in Mathematics from Eastern Illinois University.

Paxton CEO, Charles Volk, commented, "Stephen brings the financial discipline and operational oversight necessary to implement our strategy. His mission is to successfully transition Paxton through its full-scale commercialization and revenue growth phase. His experience will allow me to focus on large-scale business development and future opportunities for the company."

"My decision to accept this key leadership position at Paxton was based on the vast potential for this company to rapidly develop," said Mr. Spading. "Mr. Volk has put together a team that has the skill and experience to build Paxton into a major player in the oil and natural gas industry. I am excited to join this team and help expand our operations."

About Paxton
Paxton Energy, Inc. 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 proven reserves, develop the fields by reworking existing wells and drilling new wells. The company was founded in 2004 and is based in Carson City, Nevada.

Safe Harbor
Statements about the Company'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. The Company intends that such forward-looking statements be subject to the safe harbors created thereby.

The above information contains information relating to the Company that is based on the beliefs of the Company and/or its management as well as assumptions made by and information currently available to the Company or its management. The company does not undertake any responsibility to update the forward-looking statements contained in this release.

Contact Information

  • Contact:
    Surety Financial Group
    410-833-0078