SNRG Launches Major Oil & Gas Initiative With Acquisition
SNRG Corporation (OTCBB:SNRG) announces the Acquisition of 100% of the issued and outstanding membership interests of Pan American Oil Company LLC., based in Houston, TX, in exchange for 5 million shares of SNRG common stock. Pan American, under the leadership of Mr. Mark Bush, has assembled a senior team of exploration and production management and technical professionals and with this team has selected and optioned a portfolio of superior projects.
MANAGEMENT TEAM and TECHNICAL PROFESSIONALS
Mark A. Bush
Mr. Bush has over 22 years experience in all phases of oil and gas exploration. Mr. Bush began his career as Land and Operations Manager with Lawless Energy in Midland, Texas in 1983. With his efforts, a number of deep gas tests were drilled on the Central Basin Platform and in the Delaware Basin of West Texas and New Mexico. In 1993, he formed Mescalero Energy, Inc. where he was responsible for drilling and operating over 36 horizontal wells in the Austin Chalk trend, from the Pearsall to the Giddings fields. In 1997, Mr. Bush formed Fortis Energy, LLC where he directed West Texas exploration and exploitation efforts for joint ventures with Shell-Amoco, Mobil, and Tom Brown. These projects involved the interpretation of large 3D seismic data sets. In 1999, this company was absorbed into Touchstone Resources, Ltd. where Mr. Bush was President and CEO. Touchstone Resources has explored for oil and gas in South Louisiana, Mississippi, South Texas, Gulf Coast Texas, and the Taranaki Basin of New Zealand. In 2002, Mr. Bush was a founding member and Managing Partner in APICO, a limited partnership with Amerada Hess, exploring for natural gas in northeast Thailand. Mr. Bush was responsible for bringing underbalanced drilling to this project which resulted in a discovery estimated to be 9 trillion cubic feet of gas (TCF). APICO has licensed over 2 million acres surrounding the Phu Horm discovery. In 2002, Mr. Bush was the General Manager for KnoxMiss Partners, LP. This project was a 50% partnership with Clayton Williams Energy, which established a leasehold position of 120,000 acres in a play which has followed up the Fina-Devon discovery of the 190 BCF Maben Field in the Black Warrior Basin of Northern Mississippi. In 2004, Mr. Bush founded SouthOil, Inc. SouthOil acquired 6,400 acres in the prolific Vicksburg trend of South Texas where 12 wells have been drilled to date. SouthOil was also responsible for the acquisition of 20,000 acres in the Maverick Basin and is planning the drilling of horizontal wells in the Georgetown formation. Additionally, SouthOil acquired and manages 41,000 contiguous acres in western Colorado near Grand Junction, with the potential to drill 500 Dakota wells at an average depth of 2,800 feet. The program has drilled its 12th well to date. Mr. Bush attended Texas Tech University and The University of Texas Permian Basin.
Wes Franklin
Mr. Franklin has been in the E & P segment of the petroleum industry for 36 years. Mr. Franklin spent over 16 years in senior management positions for Tenneco Oil Company and Fina Oil and Chemical Company. He began his career as an offshore geologist for Gulf Oil Company in 1969. In 1973, Mr. Franklin joined Tenneco Oil Company where he advanced and held positions of both Division Geologist and Division Geological Engineer in the Pacific Coast Division, then Exploration Manager and Division Manager in the Southwestern Division. In 1988 Mr. Franklin joined Fina Oil and Chemical Company as Division Manager of the South Texas Division and subsequently became General Manager of Exploration for North America. He was responsible for projects in Alaska, Canada, the Permian Basin, Marathon-Ouachita-Black Warrior thrust belts, Smackover-Cotton Valley trend, the salt basins of Mississippi and North Louisiana, Gulf Coast Wilcox, Vicksburg, Frio, and Miocene trends. Since his retirement from Fina in 1997, Mr. Franklin has been an active consultant for several companies in both domestic and international exploration plays. He is a registered geologist with both the state of Washington and the American Association of Petroleum Geologists, and he is a member of SPE and SEG. Mr. Franklin has a B.S. in Geology from Washington State University and an M.S. in Geology from Oregon State University.
Chris Barden
Mr. Barden has 30 years of industry experience in all phases of engineering. Mr. Barden began his career with Amoco Production Company in 1975. In 1978, Mr. Barden became a senior engineer with Union Texas Petroleum Company. From 1980 to 1986, Mr. Barden was a partner in a consulting engineering firm that specialized in total project engineering and management. In 1986, he became the Executive Vice President and Chief of Operations of U. S. Exploration Company. In January 1990, Mr. Barden became the Vice President of Texas Meridian Resources Corp, in charge of all reservoir engineering, production and drilling operations. He was elevated to Sr. Vice President of Operations when Texas Meridian was acquired by Transfuel Resources, Inc. Mr. Barden began his own independent consulting firm in 1993, which led to his retention as a Senior Engineer with the energy asset marketing firm of Albrecht & Associates, Inc. in 1995. He is a long time member of the Society of Petroleum Engineers (SPE.) He is a graduate of Auburn University with a B.S. in Chemical Engineering and is a Registered Professional Engineer in the State of Louisiana.
Randall Salge:
Mr. Salge has 33 years of industry experience in all phases of oil and gas exploration and production operations. He began his career in 1972 as a petroleum engineer with Amoco Production Company. In 1974, Mr. Salge joined American Petrofina (Fina) as an Area Engineer where his area of direct engineering responsibility included Greta and Refugio Fields in Refugio County, South Cabeza Creek Field in Goliad County, Taft, Plymouth, East White Point Field in San Patricio County, East Telferner, Helen Gohlke Field in Victoria County, and East Sheriff Field in Calhoun County. He was promoted to Gulf Coast District Engineer in 1979 and to Gulf Coast District Drilling and Production Manager in 1985, which encompassed all of Fina’s operations on the Texas and Louisiana gulf coast. In 1988 Mr. Salge was named as Division Drilling and Production Manager for Fina’s South Texas Division in Houston. In 1993, Mr. Salge became Eastern Division Production Manager for Fina were he managed onshore and offshore operations in Louisiana and Mississippi. In 1995, he was named as Production Manager, USA, were he was responsible for managing all production operations for Fina in the United States. After the merger of Fina with Total and Elf in 2000, Mr. Salge became Offshore Division Production Manager for TotalFinaElf E&P USA, Inc. He has been a member of the Society of Petroleum Engineers for the past 32 years and is a graduate of Texas A&I University with a B.S. in Chemical Engineering.
Bill Rieniets:
Mr. Rieniets has over 30 years of industry experience in all phases of oil and gas exploration and exploitation geosciences. Mr. Rieniets began his career with Western Geophysical in 1975. He then became Sr. Exploration Geophysicist for Tenneco Oil Companies Gulf Coast Division. During Mr. Rieniets’ 10 years with Tenneco, he worked in the onshore Texas and Louisiana region. Commencing in 1989, Mr. Rieniets worked for Union of Texas Oil and Gas Co., which was later bought by NERCO Oil and Gas where he was Geophysical Manager for the company. Upon the dissolution of Nerco, Mr. Rieniets became a private consultant, working the Gulf Coast region for Hunt Oil, Samedan, KerrMc-Gee, Louisiana Offshore Ventures, and Sterling Oil and Gas. He then became an Executive at F.W. Oil and Gas, L.L.C., starting the company with 4 technical people and a staff of 10 other professionals. The company grew into a 100 BCFGE company in less than a year. Bill employs the leading edge of new seismic technology utilizing the latest SMT, GeoQuest, and Landmark 3-D workstations. He has used state of the art AVO, energy absorption and modeling techniques to reduce risk. He has been a member of SEG and HGS for many years. Mr. Rieniets is a graduate of Nicholls State University with a B.S. in Geology.
“We are very pleased to have completed this acquisition that puts in place a complete exploration and development team with over 150 years of oil and gas industry experience” stated Mr. Fimrite, “We are also excited by the projects assembled by Mr. Bush and his team and look forward to announcing our involvement in these projects over the coming weeks.”
Pan American will assume management of our current oil and gas properties and our Houston office will merge with the Pan American offices which occupy the 51st floor, 1600 Smith Street, Houston TX.
For additional information, please visit our Web site at: www.SNRG.net. Please note the new corporate address and contact numbers below.
Contact Information: Corporate Offices: 14300 N Northsight Blvd, Ste 227 Scottsdale, AZ, 85260 Tel: 480-991-2040 Fax: 480-991-2203
Forward-Looking Statements: This news release contains “forward-looking statements”, as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the success of the projects assembled by Mr. Bush and Pan American and the success of our involvement in these projects going forward.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with oil and gas exploration; changes in reserve estimates if any; the potential productivity of our properties; changes in the operating costs and changes in economic conditions and conditions in oil and gas production and exploration and the unproven nature of alternative energy technologies and its commercial viability. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2004 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.