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Embargoed for release at 7.00 am | 19 DECEMBER 2012 |
Resaca Exploitation, Inc.
("Resaca" or "the Company")
Corporate Update
Resaca (AIM:RSOX), the oil and natural gas production, exploitation, and development company focused on the Permian Basin in the USA, announces an update on certain corporate matters.
On 8 October 2012, the Company announced that it had engaged Albrecht & Associates, Inc. to market the sale the Company's Cooper Jal Unit and Langlie Jal Unit and that the Company anticipated closing on the sale of these properties by 31 December 2012. The Company now anticipates the closing would occur in early 2013. The Company will provide a further update on the sales process when more definitive information is available.
The Company also announces that Will Gray II, Executive Vice President and Head of Capital Markets and Business Development, has resigned his position with Resaca to pursue other interests. The sales process will now be handled by Resaca's existing management.
For further information please contact:
Resaca Exploitation, Inc. | |
J.P. Bryan, Chairman and Chief Executive Officer | +1 713-753-1300 |
John J. ("Jay") Lendrum, III, Vice Chairman | +1 713-753-1400 |
Dennis Hammond, President and Chief Operating Officer | +1 713-753-1281 |
Chris Work, Chief Financial Officer | +1 713-753-1406 |
Buchanan (Investor Relations) | +44 (0)20 7466 5000 |
Tim Thompson Helen Chan Ben Romney | |
About Resaca
Resaca is an independent oil and gas development and production company based in Houston, Texas. Resaca is focused on the acquisition and exploitation of long-life oil and gas properties, utilizing a variety of primary, secondary and tertiary recovery techniques. Resaca's current properties are located in the Permian Basin of West Texas and Southeast New Mexico. Additional information is available atwww.resacaexploitation.com.
In accordance with the AIM Rules, the information in this announcement has been reviewed and approved by Dennis Hammond, President. Mr. Hammond has a Bachelor of Science degree in Petroleum Engineering, is a registered professional engineer in the State of Texas, and has over 30 years relevant experience within the sector.
This information is provided by RNS
RNS news service provided by Hemscott Group Limited.
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