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DGAP-News: CEONEWS.Tv and Terra Resources, PLC Announce the 1/27/2011 Upcoming Interview With CEO Leonid Fradkin
ID: 335562
(firmenpresse) - CEONEWS.Tv
26.01.2011 05:59
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Topics to be Discussed Include Listing on the Frankfurt Stock Exchange and the
Acquisition of Kalmykia Based, North Caspian Oil and Gas Assets
LONDON, 2011-01-26 05:59 CET (GLOBE NEWSWIRE) --Terra Resources, PLC (the 'Terra Resources' or the 'Company') is a UK based
company listed, on the Frankfurt Stock Exchange under the trading symbol 'T31'.
Having brought on an experienced international management team, the Company
acquired substantial oil and gas concessions in the North Caspian region,
Republic of Kalmykia.
The Company recently concluded a friendly share exchange with Elbrus Energy
Group, LTD, a private Irish oil and gas firm ('Elbrus'), which is licensed
through its Russian subsidiaries to explore and develop approximately 85,000
acres in the Russia's Republic of Kalmykia (the 'Concession'). The Concession
contains 64 wells drilled during the Soviet Era, with oil or gas discovered in
62 of those wells. Subsalt exploration resulted in 7 wells drilled, showing
potential for a 'super giant' find. A 51-101 Competent Person's Report,
evaluating the Concession, was prepared in August 2010 by Chapman Petroleum
Engineering, Ltd., an independent Canadian petroleum engineering firm. On a
'best case' reserve estimate, the Concession was valued at $7b to $11b, with an
estimated $175m in development costs over the life of the reserve.
Terra Resources is issuing to the shareholders of Elbrus 150,000,000 new shares
of its stock in exchange for 100% of the shares of Elbrus. The Company is
capitalized at 500,000,000 shares with 300,000,000 issued and outstanding at
closing of the share exchange with Elbrus. All of the Terra Resources shares
will be subject to a one year voting trust agreement. Terra Resources has less
than 1,000,000 shares in its float, with 50,000,000 shares dedicated to project
financing. The balance of 100,000,000 shares is subject to one year lock-up
agreements.
Plan of Development
Management's plan of development for 2011-2012 is budgeted at $50m. Phase #1
($10m) is to rework existing shallow wells (5,000 ft.) on the 'E' Concession to
generate immediate cash flow. Phase #2 ($15m) is to re-enter existing deep
subsalt wells (15,000 ft.) on the 'Y' Concession, which have been categorized
by Chapman Engineering as being of 'super giant' potential. A budget of $25m is
for retirement of debt on the assumption of the Kalmykia assets from Elbrus to
be paid from cash flow and equity/debt financings.
The Company intends to outsource all drilling operations on a turnkey basis
with a major international services firm. It is in the process of finalizing
its master services agreement, which it plans to execute in Moscow by the end
of 1Q 2011, with the first rework to commence immediately thereafter. 'We are
excited to move ahead with this dynamic world class oil and gas opportunity,'
points out Terra Resources', CEO/COO Leonid Fradkin.
THE INTERVIEW WILL BE AVAILABLE ON THE WWW.CEONEWS.TV WEBSITE 1/27/2011.
Management Team
Leonid A. Fradkin, Director and CEO/COO Mr. Fradkin is Canadian Petroleum
professional (P. Geoph. with APEGGA, also member of AAPG) with 30 years of
executive experience in several countries. He served in various technical and
top?management positions, both with Canadian independent and public companies
and with Majors, like Total, Fina, Elf. He has deep professional experience
conducting business in the Former Soviet Union, and Greater Caspian Region as a
geoscientist, operator, principal, and lead executive (having supervised
several assets transactions in Kazakhstan and Russia with a value over $1 bln,
including those between local and Chinese companies). Mr. Fradkin earned his BS
and MS degrees from University of Krasnodar, Russia, and University of Baku,
Azerbaijan.
Charles G. Salisbury, Director and Secretary/Treasurer Mr. Salisbury is a
finance and marketing executive, investor, author, and public speaker with over
40 years of leadership experience. He is the CEO of SC Marketing, Inc., a
management advisory firm ('SCM'), he founded in 1995. In the finance industry,
Mr. Salisbury was an investment banking and brokerage executive with Shearson
Lehman /American Express, Prudential Securities, Smith Barney from 1974 through
1996, holding NASD Series 1, 7, 63, MSSR Principal #53, real estate, life, and
health insurance licenses. Through SCM, in 1997, Mr. Salisbury founded the
World Basketball Association, becoming its main investor and president. He was
the only American to ever own a Russian Basketball team. Mr. Salisbury is the
author of Star Spangled Speakers, The Incredible Investment Book, Goliath Was
The Best Thing That Ever Happened to David, and Living a Balanced Life. He is
the host of 'The Incredible Investment Show' heard nationally in USA on
www.KBRT740.com every Saturday at 10AM PST. He holds an MBA from Hamilton
University Business School.
Yuri Vanetik , Director Mr. Vanetik is a private investor. Mr. Vanetik serves
on numerous corporate and non-profit boards. In the past, Mr. Vanetik
practiced corporate law with K&L Gates, and later was a founding partner of
Iger, Koehler&Vanetik, LLP, a law firm specializing in corporate governance.
Mr. Vanetik received his B.A. in Legal Studies in 1991 from UC Berkeley,
graduating Summa Cum Laude and Phi Beta Kappa. He earned his J.D. in 1998 from
UC Hastings, where he was the recipient of the coveted American Jurisprudence
Award. Mr. Vanetik actively leads and supports philanthropic, civic, and
political organizations. In 2008, Mr. Vanetik was named Claremont Institute's
Lincoln Fellow. In 2006, Mr. Vanetik was appointed to the Homeland Security
Council. In 2007, Mr. Vanetik became Trustee for the Kennedy Center National
Symphony. In 2008, Governor Arnold Schwarzenegger appointed Mr. Vanetik to
serve on the California Criminal Justice Council, and in 2010 Governor
Schwarzenegger appointed Mr. Vanetik to the California Lottery Commission. Mr.
Vanetik serves on the Board of Directors of the American Red Cross, Miracles
For Kids, Center For Global Change, and Gen-Next. He also serves on the
Advisory board of UC Irvine's Center for Unconventional Security Affairs.
About Frankfurt Stock Exchange, Deutsche Borse
Deutsche Borse is one of the world's leading and only fully integrated exchange
organizations located in the center of Europe. It offers a wide range of
products and services, which cover the whole process chain of securities
trading. Over 10,000 companies from over 70 countries are now traded on
Deutsche Borse. Entry standard is a segment within the Open Market of the
Frankfurt Stock Exchange.
The CEONEWS.Tv logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8672
The Terra Resources, PLC logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8673
Forward Looking Statements
This press release contains forward-looking statements, which express the
current beliefs and expectations of the management of TERRA RESOURCES, PLC.
Such statements are based on current expectations and are subject to risks and
uncertainties, many of which are beyond our control, and could cause future
results, performance, and achievements to differ significantly from the
results, performance or achievements expressed or implied by such
forward-looking statements. Actual results could differ materially depending on
a number of factors,and we caution investors not to place undue reliance on
the forward-looking statements contained in this press release. Forward-looking
statements speak only as of the date on which they are made and TERRA
RESOURCES, PLC undertakes no obligation to update these forward-looking
statements, even if new information becomes available in the future.
CONTACT: Media Contacts:
info(at)terraresourcesplc.com
Investor Relations:
New Media Advisors, Inc
Suite 13307
376 Lexington Avenue
New York 14613
(773) 669-TERRA
StandoutStocks(at)Me.com
or
CEONEWS.Tv a West-Main Communications Company
ceonews.tv(at)gmail.com
765-CEONEWS
www.ceonews.tv
News Source: NASDAQ OMX
26.01.2011 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: CEONEWS.Tv
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Phone:
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ISIN: US9901215767
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End of Announcement DGAP News-Service
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Datum: 26.01.2011 - 05:59 Uhr
Sprache: Deutsch
News-ID 335562
Anzahl Zeichen: 10122
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Kategorie:
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