Advise of the Appointment of Mr Russell Krause to the Board
Sydney, Oct 23, 2012 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) wishes to advise of the appointment of Mr Russell Krause to the Board as an independent non-executive director pursuant to clause 12.7 of the Company's Constitution effective from today.
Mr Krause's appointment is to boost the Board's commitment to ensure an appropriate level of independence and financial expertise on the Board. The Board will continue to review its current skill set versus its requirements both on the ASX and in its preparation for a proposed listing on the TSXV in 2013. It is anticipated that a further full Board review to determine the size, structure, capability, location and needs of the Board will be conducted prior to such listing.
Mr Krause has 25 years' experience in Stockbroking and Investment Banking and held Directorships and Senior Management positions with a number of leading Australian firms. Over this time Mr Krause's primary focus has been the Resources sector and brings extensive experience in Australia, Africa, Asia and North America. For the past 10 years he has worked on a number of North American Oil and Gas projects in the Mid-Western USA. Mr Krause is currently a Director of Singapore based AuzMinerals Resource Group Limited and Novus Capital Limited.
Commenting on the appointment the Company's Chairman Mr Adrey said: "Russell has been a significant supporter and contributor of business acumen over the last three plus years, and the board feels that he will be a tremendous asset for our future plans."
About AusTex Oil Limited
AusTex Oil Limited (ASX:AOK) (OTCQX:ATXDY) is a Public Company listed on the Australian Securities Exchange (ASX) and the OTCQX.
AusTex is focused on exploration and development of oil and gas leases in the USA. The company produces oil and gas in Oklahoma and Kansas and is currently developing producing leases in both states with interests in 11,600 net acres of oil and gas leases in the Mississippi Lime Play. The Company has net production of circa 800 boe/day with Independent 1P reserves certified at 3.505 Million BOE with NPV10 of US34.8 million as at 31 December 2015.
US operations are based in Tulsa, Oklahoma, with an office at 1801 East 71st Street. International Energy Corporation (Oklahoma) is a wholly owned subsidiary and a licensed oil and gas operator in Oklahoma and Kansas.
| ||
|
