Mogul Energy Announces Changes in Management
02 Febbraio 2011 - 2:30PM
Marketwired
Mogul Energy International, Inc. (OTCBB: MGUY) ("Mogul") today
announced several changes to the Mogul Management and Advisory
team, effective February 1, 2011.
John Masters will step down as Chairman of the Board and will
assume the role of Chairman of Mogul's "Advisory Team." This will
allow Masters to better utilize and focus his vast experience in
guiding the Company in areas of strategic investments and planning.
In this role, Masters will be adding new members to the Advisory
Team as well as re-aligning Mogul's management to ensure timely and
proper review of potential oil and gas opportunities such as the
producing basins of the Rocky Mountain region and other oil and gas
prospects introduced by Masters.
Naeem Tyab in turn, will step down as President and fill the
vacancy of "Chairman of the Board" left by Masters. In the past,
Tyab has been instrumental in providing corporate direction and the
financial capital to fund Mogul's exploration efforts. In his new
role, Tyab will continue to oversee and implement Mogul's strategic
plan.
Executive Vice President Tim Turner will become President and
Chief Executive Officer. Concurrent with this appointment, Turner
will become a director on Mogul's board. As President and CEO,
Turner will continue to lead Mogul's exploration and production
operations in the lower 48 states. Under Turner's leadership, Mogul
has been able to partner with several other entities to develop
prospects and drilling opportunities in the Texas Gulf Coast
region. Turner will be tasked to develop strategies to drive
revenue, seek to improve company profits, ensuring proper
forecasting and management of key financial data, determining
appropriate staff levels and running the day-to-day operations.
"Tim's success in bringing together quality exploitation
prospects and seeking partners for our south Texas program has been
clearly evident," Naeem Tyab said. "This makes him the perfect
person to assume the role of president and CEO role at this
extremely important time in Mogul's effort to create greater value
for the company. Mogul will only succeed if quality prospects are
developed and Tim is entirely committed to improving that
effort."
About Tim Turner Tim Turner received his
undergraduate degree in Petroleum Land Management from the
University of Texas at Austin in 1980. Turner has more than thirty
years of varied experience in the upstream oil and gas industry
establishing and maintaining productive business relationships with
partners; negotiating complex joint venture agreements; overseeing
all business partner operations; negotiating legal agreements;
preparing long-range and short-term business plans, revenue
forecasts and cost projections. He has been active on numerous
national, state and local boards and committees since 1979. Turner
is a skilled negotiator, having taught several courses in public
speaking and negotiations for industry professionals and is a
qualified mediator. Turner is a member of the Mediation Section of
the State Bar of Texas and was a very active member of the American
Association of Professional Landmen, having served on the board for
several years and ultimately receiving one of the Associations
highest public service awards.
About Mogul Energy International, Inc.:
Mogul Energy International, Inc. ("Mogul") is an oil and gas
exploration company headquartered in Houston, Texas. The common
shares of Mogul are quoted on the OTC Bulletin Board (OTCBB) system
under the symbol "MGUY," and the Frankfurt Stock Exchange ("FSE")
under the symbol 'BKX.' Further information concerning Mogul can be
found in the company's filings with the U.S. Securities and
Exchange Commission (http://www.sec.gov). For more information
about Mogul Energy International, Inc., go to MogulEnergy.com.
Forward-Looking Statements: This news release contains
"forward-looking statements" within the meaning of the securities
laws, which are based on current expectations and beliefs, as well
as on a number of assumptions concerning future events made with
information that is currently available. Statements in this news
release that are not historical facts are forward-looking
statements that are subject to risks and uncertainties. Words such
as "expects," "intends," "plans," "may," "could," "should,"
"anticipates," "likely," "believes" and words of similar import
also identify forward-looking statements. Forward-looking
statements are based on current facts and analyses and other
information that are based on forecasts of future results,
estimates of amounts not yet determined and assumptions of
management. Inherent in Mogul Energy International, Inc.'s
("Mogul") business plan is a belief that Mogul can successfully
explore oil and gas properties in Canada and the United States, and
that Mogul can participate in the development of those properties.
Readers are cautioned not to put undue reliance on such
forward-looking statements, which are not a guarantee of
performance and are subject to a number of uncertainties and other
factors, many of which are outside of Mogul's control, which could
cause actual results to differ materially from such statements. For
a more detailed description of the factors that could cause such a
difference, please refer to Mogul Energy's filings with the U.S.
Securities and Exchange Commission. Mogul assumes no obligation to
update or supplement such forward-looking statements other than as
required by law.
For more information, contact: Naeem Tyab Mogul Energy
International, Inc. naeem@mogulenergy.com Tim Turner Mogul Energy
International, Inc. 2500 Wilcrest Dr., Ste. 405 Houston, TX 77042
Tel: 713-784-2446
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