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Ellora Energy Announces Executive Appointments of Enger, McCain and Williams

July 27, 2009

DENVER, July 27 /PRNewswire/ — Ellora Energy Inc., an independent oil and gas company engaged in the acquisition, exploration, development and production of low-risk onshore domestic oil and gas properties, today announced the appointment of Steve Enger as President and Chief Operating Officer, Lon McCain as Chief Financial Officer and Executive Vice President, and Jeffery S. Williams as Vice President of Business Development. Valerie Walker has elected to retire as Vice President of Exploration. T. Scott Martin will continue to serve as Chairman and Chief Executive Officer.

T. Scott Martin said, “Steve’s demonstrated leadership capabilities and ability to navigate complex issues, combined with his more than 25 years of experience in the industry, have strengthened Ellora’s operational performance, financial structure, and growth opportunities over the past two years.”

Prior to joining Ellora, Mr. Enger served as Research Director with Petrie Parkman & Co. in Denver, where he covered integrated oil and E&P companies and provided analysis on global oil markets for that firm’s clients. He worked for 16 years at Atlantic Richfield (ARCO) in engineering, strategic planning, and investor relations, where he developed expertise in economic evaluations, strategic planning, and finance. Mr. Enger holds a B.S. in Petroleum Engineering from Colorado School of Mines and an MBA from UCLA.

Mr. Martin continued, “I am also pleased to announce Lon McCain’s appointment as Chief Financial Officer. We believe Lon’s extensive capital markets experience with public equity and debt offerings will further strengthen Ellora’s financial acumen and that his service in senior management positions and experience in corporate finance, treasury, accounting, taxation and strategic planning will serve as a valuable asset for our Company.”

From 2001 to 2004 Mr. McCain served as Treasurer and Chief Financial Officer of Westport Resources Corporation and was instrumental in the successful sale of that company. From 1992 to 2001 Mr. McCain was Senior Vice President and Principal at Petrie Parkman & Co., where he was responsible for the firm’s financing activities on behalf of its clients, including both public and private offerings. He directly participated in all facets of these transactions, including advising clients with respect to valuation, timing considerations, amount and structure of the offerings, and marketing.

Jeffery S. Williams has accepted the position of Vice President, Business Development, in recognition of the growing importance of that role, particularly as it relates to the Company’s large acreage position in the Haynesville Shale play in East Texas. Mr. Williams joined Ellora in 2005 and has been instrumental in growing Ellora’s land position in both Kansas and East Texas. Before joining Ellora, Mr. Williams worked for 25 years at Pogo Producing Co., ultimately serving as Regional Land Manager. He holds a degree in Business Administration with an emphasis in Petroleum Land Management from the University of Oklahoma.

ABOUT ELLORA ENERGY

Ellora Energy Inc. is an independent oil and gas exploration and production company headquartered in Boulder, Colorado. Ellora has oil and gas assets principally located in southwestern Kansas in the Hugoton Field area and in East Texas/Louisiana in the James Lime and Haynesville shale plays.

Forward-Looking Statements

Certain statements included in this press release may be considered forward-looking, which may be characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, and “anticipate”. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company’s current beliefs as well as assumptions made by and information currently available to Ellora. Actual events may differ materially from current expectations, and Ellora disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Ellora Energy Inc.


Source: newswire



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