HOUSTON, March 17, 2011 (GLOBE NEWSWIRE) -- EFL Overseas Inc. (OTCBB:EFLO) ("EFLO" or "the Company") announces the appointment of Eric Prim to its Board of Directors.
"We believe our acquisition efforts targeting the Kotaneelee gas fields and processing facilities call for an expansion in expertise and management resources," stated EFLO President, Keith MacDonald. "Eric's extensive experience in the mid-stream gas sector, management skills and engineering focus make him the perfect man for the job... we are happy to engage him more fully in this work."
Mr. Prim has been Senior Vice President of Holloman Corporation, the company's largest shareholder, since 1997. He is also President of Pilot Energy Solutions and an officer and director of Holloman Energy Corporation. Prior to his association with Holloman, Mr. Prim held senior technical management positions with Hunt Energy and Rexene Corporation. Mr. Prim holds a B.S. in Chemical Engineering from The University of Texas (1982) and an M.B.A. from Amber University (1987). Mr. Prim is a registered Professional Engineer in Texas and holds eight issued or pending U.S. Patents, all pertaining to energy technology.
"I am looking forward to the challenges my role at EFLO will demand," said Mr. Prim. "It's an important time for the Company... If successful, the acquisition of the Kotaneelee assets creates an excellent platform upon which to build a strategic midstream operation in Canada."
About EFL Overseas and the Kotaneelee
Beginning in 2010, the Company announced its pursuit of the acquisition of certain working interests in the Kotaneelee gas facility and its related proven and producing gas fields located in the Yukon Territory, Canada. The Company is currently a party to negotiations with multiple interest holders in those assets. There can be no assurance that EFLO we will be successful in negotiating terms for the acquisition, or that if terms are offered, they will be considered acceptable by the parties involved.
Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which the Company has little or no control. The Company does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the Company's recent filings with the SEC.
On Behalf of the Board Of Directors
EFL Overseas Inc.