Solimar Energy Limited
TSX : SXS
ASX : SGY

Solimar Energy Limited

November 17, 2011 02:36 ET

Solimar Appoints San Joaquin Basin Specialist to Be Chief Operating Officer Based in California

MELBOURNE, AUSTRALIA--(Marketwire - Nov. 17, 2011) - Solimar Energy Limited (TSX VENTURE:SXS)(ASX:SGY) ("Solimar" or the "Company") is pleased to announce the appointment of Mr Will Satterfield to the position of Chief Operating Officer (COO) to be based in the Company's operations office at Ventura, California.

Mr Satterfield, 49, is a highly experienced petroleum geologist and oil company manager who is an expert on the oil producing conventional and unconventional (oil shale) reservoirs of the San Joaquin Basin.

To join Solimar, Will leaves the position of Country Manager and Technical Director in India for the London Stock Exchange listed Hardy Oil and Gas Inc., where he has been responsible for a business with operated production of 3,500 BOPD and a staff of 35. His role at Hardy also involved corporate disciplines such as regularly assisting the CEO in communicating company results to the Hardy Board and investment community.

Previously Will worked for 21 years with Occidental Petroleum, one of California's most prominent and expansionist oil companies. Occidental or OXY is the largest petroleum land holder in the San Joaquin Basin and almost without exception is the largest land holder adjacent to or surrounding Solimar's projects. Occidental produced some 139,000 BOEPD from its California operations in 2010, with approximately 45,000 BOEPD and expected to grow from shale reservoirs.

Will's immediate past role with Occidental was with subsidiary Vintage Production as Geosciences Manager for central and southern California based in Bakersfield, the oil services capital of the San Joaquin Basin. In this role Will lead multiple exploration and production teams which during 2009 – 2010 realised significant reserve additions in conventional and unconventional reservoirs. He was also co-lead for a regional Monterey Shale unconventional oil and gas program involving production enhancement from pre existing fields and expanding the plays into new areas via 3D seismic and exploratory drilling.

Commenting on the appointment, Solimar CEO John Begg said:

"Solimar has been steadily, according to plan, strengthening all aspects of the Company and its business. Firstly our land position and asset base which now totals approximately 21,000 net acres in the oil prone San Joaquin Basin and includes the Kreyenhagen project for which an independent resource assessment will soon be announced. Next, better access to financing through the introduction of strategic investors from North America, attracting sponsoring broker Canaccord Genuity and achieving dual listing on the ASX and TSXV. Important also has been the addition of highly qualified, successful people to the Solimar team. This commenced with the addition of Dr Charle Gamba and Jason Bednar to the Board bringing with them technical, financial and commercial skills proven in the oil and gas industry and Canadian market context and now the appointment of Will Satterfield as COO. Will has deep knowledge of the Company's San Joaquin focus area and will significantly add to not only the Company's technical and commercial capability but industry networks within the California oil patch."

Sincerely,

John Begg, Chief Executive Officer

Solimar Energy Limited

ABN 42 112 256 649

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Solimar Energy Limited
    Registered Office:
    566 Elizabeth Street, Melbourne, Victoria 3000
    +61 3 9347-2409
    +61 3 9349 1186 (FAX)
    www.solimarenergy.com.au