CALGARY, ALBERTA — (Marketwire) — 01/09/13 — Alexander Energy Ltd. (TSX VENTURE: ALX) (“Alexander”, “ALX” or the “Company”) is pleased to announce that Mr. David Oginski, P. Eng., has been appointed to the position of Chief Operating Officer. David has a broad engineering and management background with over 24 years of experience in the oil and gas business in Western Canada. For the past 8 years he has been the Chief Operating Officer and Vice-President Engineering with two successful junior oil and gas companies and has extensive experience in drilling, completions, facilities, acquisitions, water floods, seismic, and reserve evaluation. David has been with Alexander in a consulting role on a part time basis since the spring of 2012.
David and Hugh Thomson, CA, Vice-President Finance and Chief Financial Officer, are providing the management and leadership for the ALX team and manage all aspects of the day to day business. They are supported by Dick Wigington, P. Geol., Paul Pypers, P. Land, and Oxana Cusnir, CMA, Controller. In addition, Lee James and Susan LeBlanc provide support in the land and production departments.
Jim Sanden will continue in his role as Chairman and Chief Executive Officer.
With this increase in staffing the Company is poised to execute the 2013 plan to increase production and cash flow, and reduce debt. Overall general and administration expenses for 2013 are expected to remain within budgeted amounts and are projected to be 20% lower than 2012 G&A numbers.
Forward-Looking Statements: All statements, other than statements of historical fact, set forth in this news release, including without limitation, assumptions and statements regarding reservoirs, resources and reserves, future production rates, exploration and development results, financial results, and future plans, operations and objectives of the Corporation are forward-looking statements that involve substantial known and unknown risks and uncertainties. Some of these risks and uncertainties are beyond management–s control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks, industry competition, availability of qualified personnel and management, availability of materials, equipment and third party services, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Corporation at the time of preparation, may prove to be incorrect. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Reference is made to barrels of oil equivalent (BOE). Barrels of oil equivalent may be misleading, particularly if used in isolation. In accordance with National Instrument 51-101, a BOE conversion ratio for natural gas of 6 mcf: 1 bbl has been used, which is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Alexander Energy Ltd.
Hugh M. Thomson
Vice-President Finance and Chief Financial Officer
(403) 523-2505
(403) 264-1348 (FAX)
Alexander Energy Ltd.
1540, 521-3rd Avenue S.W.
Calgary, Alberta T2P 3T3