American Resources of Delaware Inc. Announces the
Formation of American Resources Offshore
VERSAILLES, Ky.--(BUSINESS WIRE)--Dec. 3, 1997--American Resources of Delaware Inc.
(''ARI'') (NASDAQ: GASS - news) today announced the formation of American Resources
Offshore as a wholly owned subsidiary of American Resources of Delaware Inc. The staff of the
subsidiary company will initially consist of William D. Gray, Chris McLindon, Susan Frisard and an
accountant to be selected.
Gray, who will assume the role of Chief Operating Officer, was the president of Gulfstream
Resources Inc. until its sale to Burlington Resources in 1996. Gulfstream was formed to take the
assets of Alliance Operating Company out of Chapter 11 in 1991 and was subsequently sold for
$77 million. Chris McLindon, who has been with ARI since November 1996, has been an
exploration geologist in onshore and offshore Louisiana for Century Offshore Management and
Hughes Eastern Petroleum. Susan Frisard, who will be the office manager, held the same position for
Gulfstream.
Rick Avare, President and CEO of ARI, stated, ''We have stepped up our commitment to the Gulf
Coast through the formation of this staff. We believe that our Company will benefit immensely not
only from Bill Gray's knowledge of and dedication to the oil and gas industry but also from the
respect he has earned in the energy community.''
American Resources of Delaware Inc. is a fully integrated producer of oil and gas. The Company
owns pipelines and production in the Gulf Coast and Appalachian regions.
For more information contact the Company's Investor Relations Department at 606/873-5455.
Contact:
American Resources of Delaware Inc., Versailles
Investor Relations, 606/873-5455 |
