HOUSTON, June 20, 2012 (GLOBE NEWSWIRE) -- EFL Overseas Inc. (OTCBB:EFLO) ("EFLO" or "the Company") announces the appointment of Henry Aldorf as Chairman of its Board of Directors, and James Hutton as EFLO President and Director.
"Henry and James are very welcome additions to the EFLO team," stated EFLO Chief Executive, Keith Macdonald. "These are world-class executives. They've proven themselves time and again in both the industry and capital markets. Their skills, executive experience and market savvy are exactly what we need as we complete of our planned acquisition of the Kotaneelee gas fields and processing facilities."
Mr. Henry Aldorf is President of Pacific LNG Operations Ltd. and President of Liquid Niugini Gas Limited. Pacific LNG Operations Ltd., an affiliate of Clarion Finance PTE Ltd., is a substantial indirect interest holder in the Elk and Antelope gas discoveries in Papua New Guinea, and 47.5% LNG partner in Liquid Niugini Gas Limited with InterOil Corporation (NYSE-IOC). Prior to his tenure at Pacific LNG Operations Ltd., Mr. Aldorf was the President of Marathon International and Vice-President Global Upstream of Marathon Oil.
"I look forward to joining EFLO as Chairman of the Board", stated Mr. Aldorf. "Once the Kotaneelee is in hand, the Company's conventional and unconventional resource base, gas plant and strategic location will enable it to be involved in such gas monetization developments as gas to power and liquid natural gas ("LNG") both for domestic use and future exports. With my long experience in gas monetization I am ready to assist the management with these exciting opportunities and help build EFLO as an important supplier of clean energy. As a team, I believe we can create substantial shareholder value, and having access to the engineering, pipeline and LNG capabilities of important current and future shareholders such as Holloman Corporation and Pacific LNG will be an important factor in the success of EFLO."
Mr. Hutton has spent his career in the financial services industry and for the past 25 years has specialized in structured finance and resource company finance. Between 1998 and 2006, Mr. Hutton designed and executed in excess of $1,400,000,000 in flow through share resource financings for the Canadian energy and mining sectors. Mr. Hutton is the President and Chief Executive Officer of Hutton Capital Corporation, a company engaged in investment banking. He also serves as director of several Candian resource sector companies.
"I am very pleased to be joining EFLO as President and Director", Mr. Hutton said. "The Company's strategically timed acquisition of Kotaneelee will position EFLO as a low cost producer for the future. The Kotaneelee gas field and 70MMCFD gas plant combined with its conventional and unconventional development opportunities provide significant scale and upside. I look forward to working with the management team in creating a shareholder value proposition poised for future export opportunities as well as domestic markets. The Company's relationships with Holloman Corporation of Houston, Texas and Pacific LNG of Singapore provide breadth and depth in both technical development and understanding of the opportunities in both gas and LNG markets."
More About Mr. Aldorf and Mr. Hutton
Prior to his tenure at Pacific LNG Operations Ltd., Mr. Aldorf had 37 years of experience in the petroleum and chemicals industry. The last nine of those years were with Marathon Oil. Prior to his most recent role with Marathon leading worldwide upstream business development, including upstream commercial strategy and negotiations, Mr. Aldorf held the positions in Marathon Oil International of Senior Vice President International Business Development, Senior Vice-President West Africa, Middle East and Asia Business Development, and Senior Vice-President West Africa Business Development. In the latter position Mr. Aldorf was responsible for Marathon's EG LNG project in Equatorial Guinea and was the first Managing Director of EG LNG Co. Before joining Marathon in 2001, Henry worked for Unocal in a variety of positions of increasing responsibility, in both the chemical and business development organization of that company. His international experiences include Europe, United States, Canada, Russian Federation, Brazil, Asia Pacific, Japan, Korea and China. Henry graduated from the University of Leiden in the Netherlands, with a Bachelor of Science degree in Chemistry and Biochemistry. He also gained a Master of Science degree in Chemical Engineering from Technical University in Delft in the Netherlands, and holds a master of Business Administration from the INSEAD graduate business school, Fountainebleau, France.
In addition to establishing Hutton Capital Corporation and Hutton Capital Management. Mr. Hutton was the founder, President and Chief Executive Officer of the Canada Dominion Resources Group of companies, one of the largest and most successful flow-through share funds in Canada. During Mr. Hutton's tenure, the Canada Dominion Resources Group completed in excess of $800,000,000 in offerings, which subsequently focused their investments on mining and energy issuers actively exploring for resources in Canada. The Canada Dominion Resources Group was acquired from Mr. Hutton by the Dundee/Dynamic Mutual fund organization in December of 2006. In addition, Mr. Hutton was the President and Chief Operating Officer of the CMP Resource Group from 2003 to 2005.
About EFL Overseas
Beginning in 2010, EFLO announced 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. EFLO is currently a party to negotiations with multiple interest holders in those assets.
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.