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Texas American Resources Company Announces the Departure of Mike Wichterich as Vice President and Chief Financial Officer

Posted on: Tuesday, 27 January 2009, 10:12 CST

AUSTIN, Texas, Jan. 27 /PRNewswire/ -- Texas American Resources Company (the "Company" or "TARC") announced today the departure of Mike Wichterich as Vice President and Chief Financial Officer. TARC CEO, David Honeycutt, released a statement about Mr. Wichterich's tenure with the Company. "Mike has been an important part of our management team over the past three years and I am personally grateful for all of his hard work and effort on our behalf. He is a friend of the company and me personally."

As a transitional step, Mr. Wichterich will remain employed by the Company as a consultant and will help TARC with near-term corporate financial negotiations and potential restructuring. His existing contact information at the Company will remain the same during this transition period.

ABOUT TEXAS AMERICAN RESOURCES COMPANY

Texas American Resources Company is a privately-held, independent energy company headquartered in Austin, Texas. Since its founding in 1990, TARC has focused on the acquisition and exploitation of proved or near proved properties in the Mid-Continent, Gulf Coast and Rocky Mountain regions of the United States.

TARC operates approximately 400 wells in Texas, Wyoming and Colorado. The Company's total proved reserve base of approximately 32 MMBOE is 37% developed and 43% oil. The company-wide total net production of approximately 3,400 equivalent barrels of oil per day is 45% oil.

LEGAL DISCLOSURE: Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, particularly any express or implied statements concerning future financial condition or operating results. Although Management believes that the expectations reflected herein are reasonable, the matters discussed in this release involve risks, uncertainties, and other factors that may delay, prevent or adversely affect the transaction or the Company's planned activities and operations. There can be no assurance that such expectations will prove correct. All forward-looking statements are expressly qualified by this cautionary statement.

SOURCE Texas American Resources Company

Source: PR Newswire

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