DALLAS, Aug. 13, 2009 (GLOBE NEWSWIRE) -- Glen Rose Petroleum Corporation (Nasdaq:GLRP), Dallas, Texas, reported that Joseph Tovey had agreed to join Glen Rose Petroleum Corporation as its new contract consulting CEO and CFO under an initial 2-year agreement.
Mr. Tovey has a long and distinguished career in energy and corporate finance. He has been CEO of Tovey & Company, LLC, an investment banking firm specializing in energy, since 1977. He formerly worked as a petroleum industry analyst with several Wall Street firms, planner with Mobil Oil Corporation, and tax specialist with Lybrand, Ross. His background includes practical experience as well as advanced degrees in corporate finance, investments, accounting, taxation and economics.
During the past five years, Mr. Tovey originated and/or advised on more than 15 oil and natural gas producing firms with respect to mergers, acquisitions, development, exploration and divestitures. His consulting work focuses on improving companies' operations and capital resources to qualify them for institutional capital.
Mr. Tovey received a BS in Accounting, summa cum laude, with honors in economics, September 1959 from Brooklyn College. He received a MBA in Taxation from New York University Graduate School of Business Administration in June 1961 and a Ph.D. in Investment, Corporate Finance, Taxation, Accounting and Economics from NYUGBA in June 1969.
Mr. Tovey, our new CEO and CFO, said, "I have taken on this assignment because I believe in the significant potential of the resource which Glen Rose Petroleum owns through the Wardlaw Field. I am confident that, with oil prices where they are today, we will be able to bring this resource into significant and meaningful production."
In addition, Mr. Tovey said, "My initial tasks will be to secure financing for the company, carry out a full review of the technical and geological data in order to determine the best way to capitalize on the asset and then implement a prudent but vigorous development and production program."
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Private Securities Litigation Reform Act Safe Harbor Statement: All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as codified in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including any projections of earnings, revenue, cash or other financial items, any statements of the plans, strategies, and objectives of management for future operations, any statements regarding future economic conditions or performance, statements of belief and any statements of assumptions underlying any of the foregoing. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties include our limited capital resources and limited access to financing and the risks and uncertainties inherent in oil and gas exploration, production, and development, and market conditions, particularly energy prices, demand for oilfield equipment and services, and potential operational difficulties. Glen Rose Petroleum Corporation assumes no obligation to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so.