Mark
S.
Dolar has been appointed as President/COO and as a Director of the Company,
Ken
Allen as Field Operations Manager and as a Director, and Brooke E. Horspool,
Certified Public Accountant, as consulting Chief Financial Officer and
Principal
Financial officer of the Company, each of whom has accepted such appointments
and consented thereto effective November 15, 2007.
Mr.
Dolar will oversee business
development and acquisitions, while Mr. Allen will oversee field operations
for
the development of all assets. Pursuant to the
Agreement for the Acquisition of
the Divide, Pinedale, and Wilkens Ridge Projects and for Business Combination
and Management dated October 21, 2007 and attached hereto as Exhibit 10.1,
Mr.
Dolar will receive an incentive stock package, salary and benefits on an
industry standard basis once the Company achieves the closings contemplated
therein. The incentive package will be based on the value of
the assets brought to the Company in relation to the value of the assets
currently owned by the Company. Prior to such closings, Mr. Dolar
will accrue for his time spent on the basis of the consulting rates he
currently
charges to his clients, and such accrued amount shall be paid from the
financings associated with the closings. Mr. Allen will receive an
incentive package similar to that of Mr. Dolar, and will also accrue his
consulting charges pending the closings.
Mark
S. Dolar, CPL/ESA, 48, is a Business/Geology graduate from Rocky
Mountain College. With twenty six years of experience as an independent
in the
oil and gas industry, Mr. Dolar has operated and managed several limited
liability companies, including Dolar Energy, L.L.C. Mr. Dolar began
his career as consultant to industry members and has assisted several industry
members in locating and developing reserves throughout the Rocky Mountain
region, including River Gas Corporation’s Drunkards Wash field (estimated 2 TCFG
reserves); Wolverine Gas and Oil Corporation’s recent Hingeline discovery in the
Utah Overthrust, with estimated reserves of over 10 million barrels of
oil; and
Williams Production Company’s acquisition into the Jonah field (estimated 10-30
TCFG). Mr. Dolar has served as the Chairman of the Utah Petroleum Association,
has established industry-BLM work groups in Utah and Nevada, and has represented
the industry as a member of the task force re-writing the regulations for
Utah
State Lands. Mr. Dolar is also a contributing author to several articles
concerning oil and gas land practices and public access issues.
As
Managing Member of Dolar Energy, L.L.C, Mr. Dolar initiated the discovery
of the
Atlantic Rim CBM prospect in the eastern Washakie Basin of southern Wyoming,
with projected reserve estimates of over 3 TCFG. Reserves will be
produced from the field by the current operator, Anadarko Petroleum Corporation,
who has described the field as one of its premier developments in the Rockies.
Dolar also initiated the concept and drilled the discovery wells in the
Divide
field, was in the early development of the Rulison Field in the Piceance
Basin
of Colorado and participated in several field discoveries in the Paradox
Basin
of southeastern Utah and the Green River Basin in western Wyoming.
Ken
Allen, 56, is President of Cochrane Resources, Inc., a Roosevelt, Utah
Operator. As an Engineering graduate of Montana School of Mines and
Technology, Mr. Allen will serve the Company as Supervisor of Drilling
and
Production Operations. He has the technical expertise to oversee all drilling
activity for the Company. Prior to the founding of Cochrane in the
early 1980’s, Mr. Allen gained engineering experience with Marathon Oil Company,
Kissinger Petroleum, and Page Petroleum. His areas of expertise
include the Rocky Mountain basins and western Canada.
Cochrane
has focused on operations in the oil fields of the Uinta and Paradox Basins
of
eastern Utah. For the past twenty years, Cochrane has specialized in acquiring
stripper status wells and improving production rates. Cochrane manages
the
operations of sixteen wells producing over 13,000 barrels of oil annually.
Led
by Mr. Allen’s activities, Cochrane is credited for initial discoveries in the
Coyote Basin and Monument Butte fields in eastern Utah. A highly
respected drilling engineer, Mr. Allen has spent much of the past twenty
years
supervising drilling ventures for several clients.
Brooke
Horspool is a practicing CPA in the state of California. He
is currently partner at Horspool & Company where he specializes in financial
and tax compliance. Previously, he served six years as an auditor
with PricewaterhouseCoopers auditing many public and private
companies. Mr. Horspool received a B.S. degree in accounting from the
University of Utah.
There
are
no family relationships between any of Mr. Dolar, Mr. Allen,
or Mr. Horspool and any of our directors or executive officers,
and none of them serves as an officer or director of any other reporting
company.
There
have been and are no transactions between us and any of Mr. Dolar, Mr.
Allen, or
Mr. Horspool other than their appointments as described herein and as
provided in the agreements attached as Exhibits to this Form 8-K.
The
terms
of our agreement with Mr. Horspool are reported in Exhibit 10.2.