November 11, 2008
Bald Eagle Energy Announces New Chief Executive Officer
Bald Eagle Energy Inc. (OTCBB:BEEI) (hereafter "Bald Eagle") is pleased to announce that it has named Andrew S. Harper Chief Executive Officer (CEO). Effective September 15, 2008, Mr. Harper has replaced acting CEO Alvaro Vollmers who remains as Bald Eagle's Chief Financial Officer (CFO). Andrew Harper brings nearly 30 years of international oil and gas exploration and development experience, including 21 years with the major oil company ARCO and 17 years in managerial positions.
Alvaro Vollmers, Bald Eagle's Chief Financial Officer (CFO), states: "We are pleased to have Mr. Harper come on board Bald Eagle. His recent experience allowed him to seek and evaluate new US and international venture opportunities, while applying the knowledge he acquired over his broad geological and managerial career. We believe that his leadership will benefit the growth and development of Bald Eagle."
Through Mr. Harper's career his responsibilities have included supervising new ventures evaluations including license rounds, farmouts and regional studies; technical geological and geophysical studies; economic evaluations and political risk assessments; seismic surveys and seismic interpretations; environmental studies; preparations for exploration well drilling; opening a regional office; and managing exploration programs including budgets and operations, as well as commercial and government relations aspects.
Mr. Harper's most recent position was President, International Division and Chief Geologist for China-based MI Energy Corporation (MIE). As MIE's Chief Geologist Mr. Harper managed geoscience aspects of extension and development activities in four onshore oil fields in China (Production Sharing Contracts). During his tenure, production increased from 400 to 13,000 barrels of oil per day, while he oversaw activities including the drilling of more than 600 wells along with various geological studies, reserves evaluations, and the supervision of 3-D seismic interpretations.
Andrew's 21 years with ARCO began in 1979 under the company's New Geologist Training Program before ascending to a Senior Geologist positions at ARCO Stavanger, Norway and later in London, England and Indonesia. ARCO would utilize his services internationally through the positions of Basin Studies Director, Exploration Director, Resident Manager, and Exploration Manager in various international locations.
Andrew Harper, Bald Eagle's new Chief Executive Officer (CEO), states: "I am honoured to join Bald Eagle at this important stage of its story. With America's energy crisis looming, it is exciting to be on the front lines developing resources in Alaska. After a careful assessment, I saw Bald Eagle to be a great opportunity and I look forward to seeing the potential of the Company through to production."
Shareholders and interested parties are invited to visit the company's website at www.baldeagleoil.com or contact corporate communications toll free at (888) 254-2262 for further information.
About Bald Eagle Energy Inc.
Bald Eagle Energy Inc. was formed in response to America's oil crisis with the purpose of working toward American energy independence.
As a publicly traded Oil and Gas exploration company (OTCBB:BEEI) based in The Woodlands, Texas, Bald Eagle is also focused on building company and shareholder value with an eye on long-term growth.
Our business model stresses reduced capital expenditures through a minimized team of experienced management, retaining the consulting services of industry experts only when needed, and utilizing third party drilling companies to limit equipment and operating expenses.
At Bald Eagle, we maintain that America can do better than producing 5.1 million barrels of oil per day (MMBOPD) while consuming 20.7 MMBOPD for a daily petroleum shortfall of 15.6 million barrels. That is why we are committed to decreasing our nation's petroleum shortfall - and dependence on foreign oil - through the vast energy resources found in Alaska.
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. 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, including, but not limited to, the Company's belief that we can increase the Company's assets and increase shareholder value by focusing on oil and gas exploration; It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include the uncertainty of the requirements demanded by environmental agencies, the Company's ability to raise financing for operations, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, and the likelihood that no commercial quantities of gas are found or recoverable. Additional information on risks for the Company can be found in filings on Edgar of other junior oil and gas exploration companies with the US Securities and Exchange Commission.
Forward-looking statements in this news release include: Bald Eagle's production potential for its North Slope properties being up to 90 million barrels of oil; that production is economical even with the low estimate of potential for 5 million barrels of oil; that production of gas liquids is pending State approval; that a natural gas pipeline is in development to deliver to the lower-48 states.