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Fox Petroleum Brought in New Board of Directors
05-25-2008
Fox Petroleum Inc announces it’s
newly appointed Directors and Committee Members. The new Board is comprised of
individuals that account for almost two hundred years of international oil and
gas experience. The new directors are John Spence, Jonathan Wood, Michael Rose,
Robert Frost, and William MacNee. Richard Bullock resigned as a director and
Chairman of Fox and Richard Moore was appointed as Fox’s new Chairman. The new
Board consists of seven members in total including three executive directors and
four independent directors, and independent majority required by stock exchanges
such as the AMEX.
Fox also established an audit committee, a compensation committee and a
nominating committee and appointed three members to each committee. Fox also
appointed William MacNee as its Chief Operating Officer and Alexander Craven as
its Compliance Officer. This restructuring of the Board will assist Fox in
progressing its business plans and in meeting stock exchange listing
requirements if Fox applies for the listing on another stock exchange.
“When Alex Craven (VP Finance) asked me to put my best team together for the Fox
project, it was a big request,” said Fox CEO Richard Moore. “Over thirty years,
I have worked with and for some of the biggest names in the business. Thankfully
I can still call upon the elder statesmen for advice and am still in contact
with those still active in the oil and gas business. The Fox team we’ve
assembled projects individual and collective strength. They bring experience in
over 40 countries worldwide, nearly two hundred years working in the
international oil and gas arena, over one billion barrels of oil and several
trillion cubic feet of gas production to their credit—specifically in the USA
and UK sectors where Fox concentrates its efforts."
John Spence – Independent Director – Audit
Committee, Compensation Committee and Nominating Committee (Chairman)
John Spence is nearing 40 years of industry experience, involving every level
and aspect of drilling operations. For 25 years, John drilled locations across
the United States, before going international for the second half of his career,
as a senior manager and member of the world-renowned Parker drilling team
contracting to majors, such as Chevron, Exxon and other giant companies.
Internationally, John’s teams achieved excellence and acclaim, with successful
drilling campaigns in Russia, the Ukraine and Sakhalin. In 2003, his team set
new international standards by drilling a production well of 3200m in Kazakhstan
from spud to total depth in a World Record time of 8.6 days. John’s familiarity
of all drilling methods, helped aid his specialty of reducing drilling times
including a run of saving 21 days per well over the course of a six-well program
in Russia, and 10-12 days per well while drilling in Kazakhstan. During the span
of 2000-2004, John and his team brought oil to surface on 43 consecutive wells
in the Karakuduk field.
Director John Spence described his role with the company by stating, “My
accomplishments are a team effort. Through the proper analysis and understanding
of the wells, we can save time and money by introducing our knowledge and
experience without compromising safety. This optimization of our resources
decreases drilling time, leads to lower drilling costs and earlier production of
oil and gas.”
Jonathan Wood – Independent Director – Audit
Committee (Chairman) and Compensation Committee (Chairman)
Jonathan Wood has extensive experience in financial management, negotiating with
institutions and government authorities, creating accounting systems,
restructuring finances, putting hedges in place, conducting due diligence and
reporting structures.
His international work in the oil and gas industry has included three years on
Sakhalin Island (the largest island off the East coast of Russia), six years in
Kazakhstan and the last three years in Uzbekistan. Jonathan currently works as
Vice President of Soyuzneftegaz Vostok, an oil and gas company established by
Russian ex-Energy Minister Yuri Shafranik. He also acts as the Director of
Marketing and Finance for the company.
“Jonathan has established himself as an international finance manager,” said
Richard Moore. “He’s worked with some high-ranking individuals in government and
within the oil and gas industry and thus will be able to bring some of that
expertise in negotiation and financial management to the table for Fox as it
secures its place as an international producer.”
Michael (Mike) Rose – Independent Director –
Compensation Committee and Nominating Committee
Mike Rose brings nearly 30 years of oil and gas industry experience as Director
of Exploration and Development from a career that started as a well-site
drilling operations geologist with Amoco in the UK North Sea, gaining
recognition for his work on the development of the Leman gas field. Fox CEO
Richard Moore brought Mike on board with Fox based on their previous work
together at Hardy Oil and Gas where Mike’s expertise led to the successful
development of the Elgin Field and to the drilling of the Johnston (gas),
Bittern (oil) and Pine (oil) field discoveries, all of which are now in
production. Mike also led the charge on the Donkerbroek discovery in Holland and
further onshore UK fields such as Rempstone, Ravernspurn North (gas), Humbly
Grove (oil), Bletchingley (gas), Dumbarton, Ettrick, Enoch, Cowden and Lingfield
fields.
But, Mike’s biggest find was the Avington discovery which is still the largest
UK onshore discovery in the last 20 years. His value has been realized through
his consultation services provided to an array of larger-scale oil and gas
companies such as BP, Amoco, Petrobras and Enterprise. As well, Mike was the
co-founder of Wimbledon Oil where he and Bob Frost participated in 25 successful
UK license applications, resulting in a high graded portfolio consisting of 10
UK licenses with net reserves of 174 million barrels.
“Mike’s thirty years in the industry have seen his working prospects in
countries such as Holland, Germany, Norway, Denmark, Greece, Angola and the
Congo. Australia and Canada as well as the remarkable track record in the UK
North Sea,” said Fox CEO Richard Moore. “Mike is not just a super geologist with
an excellent hydrocarbon-finding record. He has unsurpassed qualities as a
specialist in prospect generation, petrophysics and project management and
genuinely understands the “business” side of the Oil and Gas industry, a rare
breed indeed.”
Robert (Bob) Frost – Independent Director –
Audit Committee and Nominating Committee
Bob Frost brings an extensive amount of UK Offshore experience to the Board as
Director of Geosciences. His path crossed with Fox CEO Richard Moore’s in the
past as they shared interest in the UK Offshore 211/17 block and its neighboring
oil fields. That interest led to their joint efforts with Fox to secure a
farm-in on the prospect where Fox is scheduled to drill.
Bob began his career as a seismologist before moving on to the British National
Oil Corporation in Glasgow (BNOC) as part of their Exploration team, where he
learned the ways of the UK sector in the oil and gas industry. Upon the breakup
of the BNOC, Bob joined British Petroleum (BP) where his interpretations led to
the discovery of the major east flank of the Bruce Field. Also with BP, Bob’s
prospect generation and mapping led to the discovery of the Gryphon Field.
He gained more success in the UK North Sea with Enterprise Oil as a senior
consulting Geophysicist, where his fundamental idea and prospect generation led
to the discoveries of the Hudson Field and Dumbarton Field. Through the years,
Bob has provided his services to internationally renowned oil companies
including Phillips Petroleum Company, Enterprise Oil, Sun Oil, Ranger Oil, Norsk
Hydro, Amoco, Hardy Oil, Maersk Oil, Sipetrol and Petrobras. Aside from his
extensive work in the UK North Sea, Bob has worked on projects in China, Brazil,
the Netherlands, Morocco, Australia, Norway, India, East Africa, Denmark and
Egypt.
Bob was also a co-founder of Wimbledon Oil with Mike Rose, which participated in
25 successful UK license applications, resulting in a high graded portfolio
consisting of 10 UK licenses with net reserves of 174 million barrels. Their
most significant discovery was the Athena field, which is due for production in
2010.
“Bob is in my opinion simply the best hydrocarbon-finding individual in the UK
North Sea, with a record to support it,” said Fox CEO Richard Moore. “He is a
specialist in prospect generation and production geophysics in many areas of the
world in both clastic and carbonate provinces”.
Richard Moore – President & Chief Executive
Officer – Chairman and Executive Director
Richard Moore is an oil and gas industry veteran with nearly 30 years experience
across almost every aspect of the industry in both commercial and technical
activities. His previous exposures to plays in Alaska and on Offshore UK blocks
led to his career aspiration of developing these plays. This goal led to Fox’s
current strategy, team make-up and land positions where he relishes these
realized opportunities.
Working with Chaparral Resources Inc/KAZ Commertz Group from 1998 to 2004,
Richard was an executive member of the main board responsible for Finance,
Operations and strategic planning as well as new business development.
Under Richard’s control, Chaparral Resources (previously NASDAQ OTC BB: CHAR)
increased production in Kazakhstan’s Karakuduk field from almost negligible
amounts to over 15,000 barrels of oil per day (bopd), moving into positive cash
flow and profitability. Chaparral Resources was eventually acquired by a wholly
owned subsidiary of LUKOIL Oil Company for approximately $223 million USD.
LUKOIL is one of the world’s largest Oil and Gas companies (London Stock
Exchange:LKOD | Market Cap: $144.6 B).
Vice president, Finance, Alex Craven said, "Richard brings a very well rounded
foundation to Fox Petroleum with substantial, relevant experience and a
demonstrated ability in oil and gas activities. The team he has helped put
together are simply world class, and will be instrumental in the future of Fox
Petroleum.”
Alex Craven – Vice President, Finance,
Compliance Officer – Executive Director
Alex Craven draws on his formal training and breadth of experience in the fields
of European banking, finance, public companies and the oil and gas industry.
During his tenure at a registered accountants, Alex worked with numerous
corporate clients while training in Management Accountancy. His activities
included aspects of limited company formation, bookkeeping, financial reporting
and production of business year-end accounts.
Alex received oil and gas industry education and training from the Petroleum
Economist, London, whose faculty of seasoned industry experts represents senior
management experience at Shell, BP, Esso, BG, Talisman, Enterprise and others.
Beyond studying the fundamentals of the industry, Alex focused on quantifying
exploration risk; reserves and costs; and the evaluation of investment
opportunities.
Further training in London included studying Petroleum Economics through Fugro
Robertson Limited, one of the world’s largest and most reputable oil and gas
consultancies, where special emphasis was given to energy project assessment,
economic modeling, and financial forecasting.
Alex’s key skills relate to his work in Geneva, Switzerland, where he was
involved in the inception, formation, financing, administration and management
of numerous junior resource companies which publicly listed in the US.
Alex studied Economics at the University of Sheffield, England, and is currently
a candidate for the Institute of Chartered Financial Analysts (CFA).
Richard Moore, Fox CEO, said, “Alex is well versed in the ever-important
financial side of the petroleum industry. His skill with leading companies
through from the startup stage to production is incredibly valuable to this team
and for Fox’s accomplishing of our set goals.”
William MacNee – Chief Operating Officer –
Executive Director
William MacNee is a world-class engineer specializing in US Onshore and
international facilities development, with a PHD in science with a major in
Electrical Engineering from Concordia College and University. William has worked
with a vast array of technical equipment in Canada and Russia, among other
countries. He recently completed a term as Operations Manager for Petrofac in
the UK and Russia on a regional gasification project which included major
infrastructural gas an condensate pipelines in the massively oil and gas rich
Irkutsk region.
Prior to his time with Petrofac, William was Project Manager for Arctic
Construction on the facility construction in the Tengiz Oilfield—the largest in
Kazakstan. William has also been contracted for his expertise to aid in the
installation and maintenance of facilities for Unocal, Gulf Canada Pan Canadian
and Dome Petroleum.
Fox CEO Richard Moore said, “William is a highly qualified and motivated Project
Manager with over 30 years extensive experience in project, operational and
field management within the oil, gas and petrochemical industry. I have known
William and his work throughout his career, notably in Kazakhstan, Kyrgyzstan,
Russia, Canada, the USA and UK. He is a widely experienced individual and is
naturally skilled in leading and motivating multi-disciplined workforces with
diverse national, lingual and cultural backgrounds in all aspects oil field
operations. He is a direct and skilled communicator, in both written and oral
forms.”
Stepping down from his position on the Board will be Richard Bullock. A founding
member of the Company, Richard is stepping aside to allow the new board to grow
and prosper independently.
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