SEATTLE, June 5, 2007 (PRIME NEWSWIRE) -- Worldwide Energy Corp. (Pink Sheets:WWEG) is pleased to announce that the Company has appointed Mr. Davis Gates Smith as Chief Executive Officer. Mr. Smith has vast experience as a founder and principal to oil and gas companies in Asia, South America, Africa and Russia.
Mr. Smith possesses a unique understanding of international petroleum oil and gas contract negotiations. In the last 10 years, Mr. Smith was the private financier, founder, and principal to oil and gas companies and international ventures. These companies include Century Petroleum Inc., Consolidated Resources Inc., DFS/ ETSCO Ltd., INI Systems, Malabu Oil and Gas, Murray Petroleum, PetroGates Inc. and Zartron Exports.
"The key to our business is the management team that surrounds it. I am proud to be part of Worldwide Energy Corporation. I believe that my past experience and success in the oil and gas industries will translate into future success for our Company and its shareholders," stated Davis Gates Smith, CEO of Worldwide Energy Corporation.
The Company is currently in negotiations for additional leases with proven primary recoverable oil reserves. Worldwide Energy believes the negotiations will be completed in the next 30 days. These oil reserves will be in the Lake Caddo Parish of Northern Louisiana. The property will maintain the same operators and management teams that Worldwide Energy is currently using.
About Worldwide Energy Corp.:
Worldwide Energy is an energy Company engaged in the acquisition, exploration, and development of properties for production of crude oil and natural gas in regions around the world. The Company targets properties with aim to build value for shareholders and produce solid revenues and profitability. The Company has recently focused on Caddo Pine, Louisiana, a region that, according to a March 2005 Department of Energy report, contains over 2 billion barrels of remaining oil in-place, and is the richest field in the Onshore Gulf Coast Basin.
Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
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