DENVER and CALGARY, Alberta, March 12 /CNW/ -- Storm Cat Energy Corporation (Amex: SCU; TSX: SME) today provided a corporate update.
As announced on Friday, March 9, 2007, Storm Cat Energy President & CEO Scott Zimmerman is taking administrative leave from the Company for personal reasons. Mr. Zimmerman's leave is not related to any operational or financial issues with the Company nor the result of a disagreement with the Board of Directors over the strategic direction of the Company. In his place, Storm Cat Energy's Board of Directors has appointed current Company Chief Operating Officer Keith Knapstad as acting President and Chief Executive Officer.
Mr. Knapstad, who joined Storm Cat Energy in April of 2005, has a broad range of experience in unconventional resources and natural gas. Prior to joining Storm Cat Energy Corporation, Mr. Knapstad most recently served as Manager of the Powder River Basin assets for J. M. Huber Corporation, a privately held corporation with extensive unconventional resource holdings. Prior to Huber, he worked for Marathon Oil Company/Pennaco Energy in the Rocky Mountain region managing a multi-disciplined team responsible for engineering and development of various Rocky Mountain producing areas, especially the development of Marathon's coal bed natural gas prospects.
Acting President and CEO Keith Knapstad commented: "I look forward to working with the Board of Directors and the entire management team to keep Storm Cat moving forward. The Board and management remain fully supportive of the $31 million Series B financing which is subject to a shareholder vote later this month. With the proceeds from this offering we will be able to continue our aggressive development in the Powder River Basin, move forward in the Fayetteville shale and continue our work in Canada. Our objective has always been to add shareholder value by growing the Company through the drill bit in prospects where we can apply our technical expertise. A successful vote on the Series B financing is a critical step in reaching this objective."
For further shareholder inquiries please contact Storm Cat Energy Investor Relations at 303-991-5070 or at firstname.lastname@example.org.
About Storm Cat Energy Corporation
Storm Cat Energy is an independent oil and gas company focused on the pursuit, exploration and development of large unconventional gas reserves from fractured shales, coal beds and tight sand formations. The Company has producing properties in Wyoming's Powder River Basin, exploration and development acreage in Canada, Arkansas and Alaska. The Company's shares trade on the American Stock Exchange under the symbol "SCU" and in Canada on the Toronto Stock Exchange under the symbol "SME."
This press release contains certain "forward-looking statements," as defined in the United States Private Securities Litigation Reform Act of 1995, and within the meaning of Canadian securities legislation, relating to matters such as the Company's drilling and other exploration plans and projected well economics. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur. Forward-looking statements are based on the beliefs, estimates and opinions of Storm Cat's management on the date the statements are made; including production and reserve estimates, and potential benefits to Storm Cat of such acquisitions, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Storm Cat undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include, but are not limited to receipt of necessary approval from regulatory bodies, the failure to achieve the anticipated benefits of the acquisition, the failure to close the acquisition, the volatility of natural gas prices, the possibility that exploration efforts will not yield economically recoverable quantities of gas, accidents and other risks associated with gas exploration and development operations, the risk that the Company will encounter unanticipated geological factors, the Company's need for and ability to obtain additional financing, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration and development plans, and the other risk factors discussed in greater detail in the Company's various filings on SEDAR (www.sedar.com) with Canadian securities regulators and its filings with the U.S. Securities and Exchange Commission, including the Company's Form 20-F for the fiscal year ended December 31, 2005.
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