OKLAHOMA CITY, March 20, 2002 (PRIMEZONE) -- Canaan Energy Corporation ("Canaan") (Nasdaq:KNAN) today announced that Kevin R. White and Scott M. Rayburn have been elected to its Board of Directors. Mr. White most recently served as both Executive Vice President -- Corporate Development and Strategic Planning and Corporate Secretary for Louis Dreyfus Natural Gas Corp., until it was acquired by Dominion Resources in October 2001. Mr. Rayburn, an experienced oil and gas attorney, most recently served as a director in the Oklahoma City law firm of Musser & Bunch and is currently a sole practitioner representing various clients in the oil and gas industry. Both new Board members will also serve on Canaan's Audit Committee. Mr. White and Mr. Rayburn, as outside directors, replace Michael P. Cross, a former outside director who resigned in November 2001. Additionally, Anthony Lasuzzo has recently resigned his positions as an officer and director of the Company.
Leo E. Woodard, Chairman and CEO of Canaan, commented: "We are pleased to add Kevin White and Scott Rayburn as new directors. We believe we have strengthened the Board by providing more industry experience to the outside director group and by balancing the Board with an equal number of inside and outside directors. We are very fortunate to attract two such capable and experienced individuals."
Canaan Energy Corporation is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. Canaan trades on the Nasdaq NMS under the symbol KNAN.