HOUSTON, May 31, 2012 (GLOBE NEWSWIRE) -- Armada Oil, Inc. (AOIL.OB), an emerging independent oil and gas company, is pleased to announce the appointment of veteran equity analyst Eric Wold, CFA, to its Board of Directors, effective immediately. Today's announcement follows the addition of Rhonda B. Rosen as Chief Financial Officer and two appointments to the Board of Directors: Kenneth T. Hern, former President of Texaco Saudi, and finance industry veteran Will E.D. Matthews.
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"Eric's addition supports the continual maturation of our Board and management team," explained Mr. James J. Cerna, President and CEO of Armada Oil, Inc. "Having worked alongside Eric in my previous capacity as CEO of Lucas Energy, where he concurrently served on the Board, I've seen first-hand his depth of knowledge with research coverage, public company strategy and ability to identify and capitalize on early trends in the capital markets."
Mr. Wold joins Armada following its merger with NDB Energy, Inc., a partnership that enabled the Company to "leapfrog into an acreage position in an up and coming play" in the Niobrara, according to Rigzone.com, a leading industry-centric online publication. Armada's Niobrara project includes more than 25,000 acres in Carbon County, Wyoming near existing infrastructure. Armada has acquired 1,280 acres to date, engineering data, 2-D seismic with an option to purchase an additional 23,700+ acres.
Armada CEO James Cerna added, "Our near-term development plans include a 3-D seismic shoot of the area in the upcoming fall season and drilling two test wells by year-end. Of course, we also plan to seek strategic investors and partners, identify divestiture and acquisition opportunities and pursue a more senior listing for the company; the kinds of initiatives where I'm confident we can leverage Eric's expertise."
Mr. Wold previously served on the Board of Directors of Lucas Energy (AMEX:LEI), a publicly held company within the oil and energy sector from 2005-2009. He is currently a Senior Analyst with B. Riley & Co., a leading full-service investment bank, where he has more than 18 years of buy-side and sell-side equity research experience, reporting on a dozen companies in the Internet and Media and Entertainment sectors with market caps between $50 Million and $6 billion, including Tivo, Inc., Netflix, Inc. and Coinstar, Inc.
Previously, Mr. Wold held the position of Managing Director, Equity Research at the investment banking firm Merriman Capital, Inc., where he covered the Branded Global Consumer and Media Groups. He was also Director of Corporate Finance with NightFire Software, a privately held telecommunications software company based in Oakland, California. At First Security Van Kasper, he served as Vice President and Senior Research Analyst, where he was responsible for the Restaurant and Branded Consumer sectors.
Mr. Wold began his career on the buy-side with research analyst positions with both Polynous Capital Management (a hedge fund that he co-founded in 1996) and GT Global Financial Services. He received his Chartered Financial Analyst (CFA) designation in 1997 and a bachelor's degree in Finance from the University of California at Berkeley.
About Armada Oil, Inc. (www.ndbenergyinc.com)
Houston, Texas-based Armada Oil, Inc. (AOIL.OB) is an independent oil and gas company focused on discovering, acquiring and developing multiple objective onshore oil and natural gas resources in prolific and productive geological formations in North America. Armada holds strategic acreage positions in an around the Laramie and Hanna Basins in Southern Wyoming that includes a contiguous 25,000+ acre site near existing infrastructure in the liquids-rich Niobrara formation and a footprint in the Eagle Ford shale play in Texas. For more information, please visit www.ndbenergyinc.com.
Legal Notice Regarding Forward-Looking Statements
Statements in this release that are not historical facts are "forward-looking statements" subject to risks/uncertainties. Such statements are based on current facts/analyses and other information that are based on forecasts of results, estimates of amounts not yet determined, and assumptions of management. Such statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Information concerning reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be present when/if a project is actually developed.
It is important to note that actual outcomes and results could differ materially from those in such statements due to numerous factors beyond the Company's control including misinterpretation of data, inaccurate estimates of reserves, uncertainty of the requirements demanded by governmental agencies, Company's ability to raise financing, breach by third-parties, inability to retain employees/consultants, competition for equipment, inability to obtain permits, delays in operations, the likelihood that no commercial quantities of resources are found/recoverable, and our ability to participate in the exploration and completion of development programs. Additional information on the Company's risks can be found in the Company's periodic filings filed with the SEC at www.sec.gov.
This release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities mentioned herein have not been, and will not be, registered under the Securities Act of 1933, as amended. They may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act. Company undertakes no obligation to publicly release the results of any revisions to these statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
