Stratum Holdings Announces Election of New Chief Executive Officer and Appointment of Auditors
HOUSTON, June 30 /PRNewswire-FirstCall/ — Stratum Holdings, Inc. (BULLETIN BOARD: STTHE) today announced the election of Larry M. Wright as its Chairman and Chief Executive Officer replacing Frederick A. Huttner. Mr. Wright, an energy industry veteran, was an incumbent Board member and major shareholder of Stratum prior to his election. He acquired majority ownership of Stratum from Mr. Huttner and several other Board members, pursuant to a recently executed stock purchase agreement.
Stratum presently conducts operations in the domestic Exploration & Production business and in the Canadian Energy Services business. Through its wholly-owned subsidiaries, CYMRI, L.L.C. and Triumph Energy, Inc., Stratum owns working interests in numerous operated and non-operated oil and gas wells in South Texas and South Louisiana, with net production of approximately 1,000 MCF equivalent per day. Stratum’s operations in the Canadian Energy Services business are conducted through its wholly-owned subsidiary, Decca Consulting, Ltd. Decca provides drilling and completion consulting services to oil and gas operators in Canada.
Stratum also announced the appointment of the accounting firm of Malone & Bailey, PC, of Houston as its Independent Registered Public Accounting Firm for the year ending December 31, 2008. On June 27, 2008, Stratum filed its amended Form 10-QSB report for the quarter ended March 31, 2008. The amended Form 10-QSB report included the review report of Malone & Bailey on the company’s consolidated financial statements for the three months ended March 31, 2008.
Statements contained in this press release with respect to the future are forward-looking statements. These statements reflect management’s reasonable judgment with respect to future events. Forward-looking statements involve risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors, including cyclical or other downturns in demand, significant pricing competition, unanticipated additions to industry capacity, and the timing and number of additional acquisitions made by Stratum. Forward-looking statements are based on currently available information, and Stratum assumes no obligation to update any such statements. A list of additional risk factors can be found in Stratum’s annual report on Form 10-KSB for the year ended December 31, 2007 filed with the US Securities and Exchange Commission.
Contact: D. Hughes Watler, Jr. Chief Financial Officer (713) 479-7000 http://www.stratum-holdings.com/
Stratum Holdings, Inc.
CONTACT: D. Hughes Watler, Jr., Chief Financial Officer of StratumHoldings, Inc., +1-713-479-7000
Web site: http://www.stratum-holdings.com/