Serrano Energy Ltd.

February 04, 2010 12:50 ET

Serrano Energy Ltd. Announces New Director

CALGARY, ALBERTA--(Marketwire - Feb. 4, 2010) -


Serrano Energy Ltd. ("Serrano" or the "Company") has appointed Mr. Dean G. Prodan to its board of directors, effective immediately. Mr. Prodan is the President and Director of UTA Asset Management Corp. since June 2004.

Mr. Prodan graduated from the University of Saskatchewan in 1986 with a B.A. (Economics). From May 1987 to November 1989, Mr. Prodan was employed by RBC Dominion Securities Inc. In 1989, he joined Peters & Co. Limited where he served as an institutional broker and was responsible for advising some of the largest pension and mutual funds in North America on the Canadian oil and gas market. In 1993, Mr. Prodan was a founding shareholder and Managing Director, Institutional Sales, at FirstEnergy Capital Corp. where he stayed until 1997. In June 1997, Mr. Prodan formed Crescent Capital Corp., a company that provided mutual fund portfolio management services, and served as its President until 2004, when he founded UTA Asset Management Corp. Mr. Prodan has over 20 years of experience in investing in the Canadian oil and gas and capital markets. Mr. Prodan currently sits on the Boards of Nexstar Energy Ltd. and Macro Enterprises Inc. which are listed on the TSX Venture Exchange.

Cautionary Statements

Certain information set forth in this document, including management's assessment of future plans and operations, contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond this party's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Actual results, performance or achievement could differ from those expressed in, or implied by, these forward-looking statements, and accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits will be derived there from. Serrano disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required in accordance with applicable securities laws.

The Company has also used certain measures of financial reporting that are commonly used as benchmarks within the oil and natural gas production industry. The measures discussed are widely accepted measures of performance and value within the industry, and are used by investors and analysts to compare and evaluate oil and natural gas exploration and producing entities. Most notably, these measures include operating netback and funds flow from operations. Operating netback is a benchmark used in the crude oil and natural gas industry to measure the contribution of oil and natural gas sales subsequent to the deduction of royalties, operating and transportation costs. Funds flow from operations is before changes in non-cash working capital but adjusted for site restoration expenditures, and is used to analyze operations, performance and liquidity. These measures are not defined under GAAP and should not be considered in isolation or as an alternative to conventional GAAP measures. These measures and their underlying calculations are not necessarily comparable to a similarly titled measure of another entity.

Per barrel of oil equivalent amounts have been calculated using a conversion of six thousand cubic feet of natural gas to one barrel of oil equivalent (6:1). (Barrel of oil equivalents (boe) may be misleading, particularly if used in isolation. A boe conversion ratio of 6mcf:1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.)

Contact Information

  • Serrano Energy Ltd.
    J.W. Grant Robertson
    Vice-President Business Development
    (403) 231-1230
    Serrano Energy Ltd.
    Michal J. Holub
    Vice-President Finance and CFO
    (403) 262-5256