Encore Energy, Inc. Announces Plans To Form An Operating Company In Texas
Bowling Green, KY (Marketwire) - Encore Energy announced today plans to form an operating company in Texas.
Encore Energy, Inc., through a wholly owned subsidiary, has plans to form an operating company to supervise its drilling, completion and other future field activities in Texas.
"The purpose of this company is to work directly with contractors and oilfield service companies to supervise our future projects in Central East Texas," said Steve Stengell, Encore's President and CEO. Mr. Stengell and the other members of Encore's management team have previously served as an operator in both Texas and Oklahoma and have made several horizontal oil and natural gas discoveries in Central East Texas over the last several years.
"Horizontal drilling activity in Central East Texas remains very strong," added Stengell.
Encore is a proud member of the IPAA Independent Petroleum Association of America, Society of Petroleum Engineers and NFIB National Federation of Independent Businesses.
For more information about Encore Energy, Inc., please visit www.encore-energy.com
About Encore Energy:
The Company's key experience is the utilization of the latest technological advancements related to horizontal drilling operations. Encore is currently working with industry participants and other independent producers to develop certain Texas oil properties.
Executive Management:
Steve S. Stengell, President and Chief Executive Officer
Mr. Stengell previously served as the President and Chief Executive Officer of a publicly traded oil and natural gas company which experienced record levels of sales, growth, earnings and production revenues under his leadership.
Mr. Stengell holds a Bachelor of Business Administration in Corporate Finance from the University of Kentucky and an MBA from Western Kentucky University. In 2004, Mr. Stengell completed the IPAA Independent Petroleum Association of America Executive Management Program instructed by professors of Harvard Business School. Mr. Stengell has also completed the Texas A&M Petroleum Engineering graduate certificate program in "Reserves and Evaluations" and is a proud member of the SPE Society of Petroleum Engineers. Mr. Stengell has also held various securities licenses including the FINRA Series 63 and 22.
Mr. Stengell has nearly 15 years of extensive experience in the oil and natural gas industry including but not limited to horizontal drilling, production, completion operations and served as an operator in both Texas and Oklahoma. Mr. Stengell's background also includes sponsoring general and limited partnerships, project review and all other facets of the oil and natural gas business. While serving as the President and CEO of a publicly traded company, Mr. Stengell led the company to achieve record annual sales in excess of $27 million and made several significant oil and natural gas horizontal well discoveries in Central East Texas.
Timothy R. Brady, Executive Vice President and Chief Financial Officer
Mr. Brady previously was the Chief Financial Officer of a publicly traded oil and natural gas company and served on its Board of Directors. While at the Company, Mr. Brady was instrumental in upgrading the firm to the highest grading level on the OTC Market tier.
Mr. Brady will be responsible for all financial reporting, investor relations, banking relationships, strategic planning, projection/trending analysis, capital funding and internal controls.
Mr. Brady has over 27 years of financial experience within the financial services, manufacturing, and energy industry. His specific areas of expertise include treasury, SEC reporting, mergers and acquisitions, investor relations, budgeting, planning, forecasting and analysis, audit, internal controls implementation, compliance, and transitioning privately held companies to publicly traded firms. Mr. Brady holds a Bachelor of Science degree in Finance from Indiana University and an MBA from Loyola University of Chicago.
Joseph M. Turner, Executive Vice President and Chief Operating Officer
Mr. Turner previously was the Vice President of Operations of a publicly traded oil and natural gas company and has over eight years of experience in management with oil and gas related companies. Mr. Turner was responsible for the management and coordination of the day to day operations, both within the home office and field.
Mr. Turner will be responsible for the day to day field operations, including, but not limited to developing relationships with drilling contractors and oil field companies, and ensuring that Encore optimizes drilling, completion and production operations.
Mr. Turner has over 20 years of experience in business development and management along with 10 years of investment and compliance related service with major brokerage firms. Mr. Turner is a graduate of Western Kentucky University and the University of Kentucky with degrees in Business Management and Mining Technology and has held various securities licenses including the FINRA series 7, 24 and 63.
Cautionary Statement:
This release contains forward-looking information and certain goals and/or timelines may or may not be achieved by the Company. There exist tremendous risk and uncertainty associated with oil and natural gas exploration and development. Horizontal drilling increases the mechanical risks of operations. No assurances can be made as to the future production rates, reserves, etc. for any given project. It is impossible to accurately forecast oil and/or natural gas production rates, reserves, prices, lease operating expenses, etc. Production estimates may be reported in natural gas equivalent. Natural gas equivalent is defined as the gross production volumes of natural gas, natural gas liquids and condensate combined and reported as one commodity as predicated by the current spot price of natural gas. No assurances can be made that the company will raise the necessary level of funding and/or achieve results from future operations to make the proposed future operations herein profitable. There may be additional risks associated with the Company's operations not known at this time such as project cost overruns, environmental risks etc.
SOURCE: Encore Energy, Inc.