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VTEX Announces the Completion of Its Acquisition of Viking International Petroleum, Plc and the Reorganization of Its Officers and Directors
PR Newswire - August 03, 2005 12:09
HOUSTON, Aug 03, 2005 /PRNewswire-FirstCall via COMTEX/ -- VTEX Energy, Inc. (OTC Bulletin Board: VXEN) announced that it had completed the acquisition of all of the outstanding shares of Viking International Petroleum Plc ("Viking"). Viking is a UK registered company with offices in London and holds a 26% interest in a subsidiary that owns the North Yorkshire gas fields (an extension of the Southern North Sea Gas Basin onshore). The properties include licenses covering approximately 100,000 acres onshore including, four proved producing fields with over 21 Bcf of proved natural gas reserves, two proved undeveloped fields with over 26 Bcf of proved natural gas reserves and additional seismically mapped low risk exploration potential. Upon closing of this acquisition, VTEX delivered 400,000 shares of its common stock to Viking for distribution to Viking shareholders, with an obligation to deliver an additional 1.6 million shares of its common stock if certain defined goals are met or six months passes unless there is a foreclosure on the assets of Viking's subsidiary. The Company further announced its intentions to add Grant Emms, currently the Chief Executive of Viking, to its Board of Directors and to appoint Mr. Emms as President of VTEX Energy, Inc.
Stephen Noser, the current President of VTEX, will remain with the Company as a director and as its General Counsel. In addition, R. Desmond McVeigh, the current Chairman of the Board of Directors of Viking, will be added to the Company's Board of Directors, to serve as Chairman of the Board.
"I am very pleased to be able to announce the completion of this business combination and believe that it presents significant opportunities for both companies and their respective shareholders," said Stephen Noser, President of VTEX. "In addition, I am especially honored by the prospect of working with Mr. Grant Emms and Mr. Desmond McVeigh. These individuals bring a significant wealth of industry knowledge and experience both foreign and domestic."
"The closing of this acquisition is a substantial advancement for future opportunities that await both companies. Further, I look forward to working with the VTEX team and am excited about the potential of VTEX's U.S. domestic natural gas reserve base," said Grant Emms, Chief Executive of Viking.
Professional Biographies
Subsequent to the anticipated additions of Mr. McVeigh and Mr. Emms, the Company's Board of Directors will be as follows:
R. Desmond McVeigh, Chairman of the Board, British, age 65, L.L.M. Desmond joined the board of Viking in December 2003. Desmond is an international banker with over 35 years experience spanning a career in merchant banking, corporate finance, capital markets, trade, energy and project finance. Having originally qualified as an international lawyer, Desmond joined Citibank where he specialized in project finance for oil and gas development in the North Sea. As a specialist in oil finance, Desmond also worked for a number of years as a banker in charge of international oil, gas and petrochemical projects in Saudi Arabia. Later, Desmond joined Lloyds Merchant Bank with responsibility for capital market activities in Northern Europe and for international petroleum and petrochemical companies. In 1993, Desmond was appointed by the U.K. Government to the role of Chief Executive of the Industrial Development Board of Northern Ireland where he was instrumental in the province's success in attracting inward investment, in boosting exports, increasing employment and assisting companies to become more internationally competitive. Later, Desmond led an official U.K. trade delegation to China, which was the first of several trips to China where Desmond has formed strong relationships with senior Chinese officials. In 2001, Desmond became Executive Chairman of Asia Broadband Inc., which he helped develop into one of the leading international media content providers in China. Desmond is married and lives in Surrey, England.
Grant G. Emms, President, Chief Executive Officer and Director. Grant was one of the founders of Viking International Petroleum plc in 2002. In 2003 the company acquired the North Yorkshire Gas Project. Mr. Emms has over 29 years of industry experience both foreign and domestic, including a combined twenty years of senior level experience with AMOCO Production Company and Canadian Occidental Petroleum, Ltd. Mr. Emms received his Bachelors in Science Geophysics from the University of British Columbia in 1976, with honors. From 1976 through 1992, Mr. Emms held various positions with AMOCO Production Company domestically and overseas including Exploitation Manager - Gulf of Suez, Egypt, Exploration Manager Trinidad - Latin America and served as the Exploration Representative to the AMOCO Management Committee in Chicago for both International Regions. Grant was employed with Canadian Occidental Petroleum Ltd. (now NEXEN Inc.) from 1992 through 1997 as the Regional Vice President responsible for all aspects of the company's exploration and production business in Asia, Latin America and the CIS (former Soviet Union). From 1997 through 2001, Mr. Emms served as President and Chief Executive Officer for Vanguard Oil Corporation. While employed with Vanguard, Mr. Emms recruited a highly talented, experienced team to conduct the international operations and produce technical work to top industry standards in a small company environment. In 2001, Bitech and Lukoil acquired Vanguard due to its portfolio of highly prospective Egyptian properties. Mr. Emms has served as Chairman, Chief Executive Officer and Partner of Saragon (Overseas) Limited, a privately held company formed in 2001 specifically for developing oil and gas projects in Southern Europe, North Africa and the Caspian area. His professional affiliations include active membership with the Association of International Petroleum Negotiators, Society of Exploration Geophysicists and American Association of Petroleum Geologists. Mr. Emms is proficient in Spanish, French and knowledgeable in German and Arabic. He is a current resident of the United Kingdom, a citizen of Canada and a former United States green card holder.
Stephen F. Noser, Executive Vice President, General Counsel of the Company and Director. Mr. Noser has served as the President or Managing Director of the Company and its predecessor since 1991. Prior to that time, he served in various management and legal capacities within the oil and natural gas industry. He was Vice President and General Counsel of MCO Resources, Inc. ($60 million in assets and listed on the American Stock Exchange) from 1987 to 1988. He was Associate General Counsel and then General Counsel of Inexco Oil Company ($500 million in assets and listed on the New York Stock Exchange) from 1983 to 1986. He also served on Inexco's Board of Directors and as a member of the company's operating committee. Both at Inexco and MCO, Mr. Noser had primary responsibility for all SEC reporting requirements and preparation of all registration statements. From 1977 to 1983, he served in various legal capacities within the American Natural Resources System. From 1974 to 1977, he served as an attorney for Mitchell Energy & Development Corp. Mr. Noser holds a B.A. from the University of St. Thomas and a J.D. degree from the University of Houston. He is a member of the Texas and Houston Bar Associations.
Randal B. McDonald, Jr., Senior Vice President, Chief Financial Officer and Director. Mr. McDonald has been with the Company since 1998, and he has twenty-five years experience in the field of public accounting. Since 1993, he has provided general financial consulting and litigation support services to a variety of companies. Such services have included preparation and review of public and private offering documents, preparation of pro forma financial statements utilized in raising capital, and serving as interim chief financial officer. From 1979 to 1985, he was with KPMG Peat Marwick's Houston office, specializing in public oil and natural gas companies. During 1986, he served a one-year rotational assignment in KPMG Peat Marwick's world headquarters developing their audit software. During 1987, he served as Chief Financial Officer for IBS Technologies, Ltd., a publicly traded computer software company. From 1988 to 1992, he was with Arthur Andersen's Denver office, specializing in public oil and natural gas companies. Mr. McDonald holds a B.B.A. in accounting from the University of Texas at Austin and is a licensed CPA.
VTEX Energy, Inc. is a Houston based, independent energy company, engaged in the acquisition, development and production of oil and natural gas reserves. The Company currently has two properties, Bateman Lake Field located in St. Mary's Parish, Louisiana, and Mustang Island Field located offshore Kleberg County, Texas.
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, product development acceptance, and the impact of competitive services and pricing and general economic risks and uncertainties.
SOURCE VTEX Energy, Inc.
VTEX Energy, Inc., +1-713-773-3284
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