CONCORD, ONTARIO--(Marketwired - April 28, 2014) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES.
Rockefeller Hughes Corporation ("Rockefeller" or the "Company") which is listed on the TSX Venture Exchange (TSX VENTURE:RHC) is pleased to announce the following 3D Seismic and Management updates.
The 40 square miles of 3D Seismic covering an AMI ("Area of Mutual Interests") area of our Halo project in Robertson County, Texas, purchased at the end of February, 2014 was delivered to Interactive Exploration Solutions Inc. (INEXS®) for processing and interpretation. A full verbal presentation of the interpretation was provided to the Management of Rockefeller on April 24th.
The 3D Seismic has been evaluated in order to optimize current Buda and Georgetown drilling and completions along with future Eagle Ford drilling locations along the Eagle Ford Fairway in Texas, USA, currently one of the most prospective oil fairways in the USA.
"Based on this report, the Company has a much better understanding of the potential of its acreage and believes that future wells will have substantial improvements over previous wells based on better placements of the wells and better defined targets. Our newly hired VP of Exploration, Robert Karlewicz (see below) will be working closely with INEXS examining all available data in order for the Company to maximize the substantial potential that our acreage holds though multiple pay zones. Through better understanding of the geology and formations on our acreage, the Company is able to minimize the risks and enhance the degree of success for the future wells," stated Zoran Arandjelovic, President and CEO of Rockefeller Hughes Corporation.
Rockefeller is pleased to announce that Robert W. Karlewicz has joined the Company as Vice President of Exploration. Robert is a Geologist and a member of the American Association of Petroleum Geologists since 1977. Robert W. Karlewicz has been active in the exploration aspect of the oil and gas industry since 1977, beginning with a small, elite team of high profile scientists at Filon Exploration Corporation in Denver, Colorado. In 1979 he moved to California where he worked for well-known entrepreneur Tom Jordan, owner of Jordan Oil and Gas Company (as well as Jordan Winery). After 22 years of successful wildcat exploration covering many oil basins in the USA, Robert Karlewicz started Capstone Energy Resources LLC in 1999 that specialized in generating oil and gas projects which were subsequently sold to industry leaders such as Shell Oil Company, GMT Exploration, Encana(USA), Clayton Williams, Union Gas Corp. etc. In addition Robert acted as an active oil and gas consultant to the likes of Weyerhaeuser, Unit Drilling, Alegro Investments, Lancer Resources etc. "Robert has a great knowledge of the geology of Texas where Rockefeller Hughes Corporation is active and poised for rapid growth. He has numerous attractive shallow oil prospects that he is bringing to the attention of Rockefeller Hughes Corporation and which shall serve as an important building block of its future. Together with his knowledge of sophisticated mapping, use of the latest software and a "nose" for finding oil and gas, Robert will be an important member of our company," added Mr. Arandjelovic.
Under the terms of Mr. Karlewicz's employment contract, the Company will grant an initial allotment of stock options to acquire up to 100,000 common shares at an exercise price of the closing market price of the common shares on the TSX Venture Exchange ("TSX-V") on the date of grant. In addition, his contract provides for performance bonus payments of cash at the end of 2014, cash and options at the end of 2015 and additional cash and options at the end of 2016, if certain production milestones are achieved by the Company. Further stock option grants will be at an exercise price of the closing market price on the date of grant of such options.
The employment contract of Mr. Edward Gilliard has been changed from full time employment to a consultant. Mr. Gilliard will continue to serve as the CFO of the Company until his replacement is secured. This new arrangement will allow Mr. Gilliard to divide his time between acting as an Interim CFO and being active in financial and public market aspects of the Company's business that could be mutually beneficial and hold substantial promise for both parties.
About Rockefeller Hughes Corporation
Rockerfeller is an emerging junior oil and gas company engaged in the acquisition, exploration, development, and production of oil and gas properties. The Company is listed on the TSX Venture Exchange under the symbol RHC. There are currently 65,024.211 shares issued and outstanding. For additional details please visit Rockefeller's website at www.rockefellerhughes.com.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.