HOUSTON, Oct. 7, 2010 (GLOBE NEWSWIRE) -- EFL Overseas Inc. (OTCBB:EFLO) ("the Company") announces it has obtained agreement from Eric Prim to join the Company's Board of Directors.
"We believe our acquisition efforts targeting the Kotaneelee gas fields and processing facilities call for an expansion in expertise and management resources," stated EFLO President, Herbert Schmidt. "Eric's extensive experience in the mid-stream gas sector, management skills and engineering focus make him the perfect man for the job... we are happy to engage him more fully in this work."
Mr. Prim has been Senior Vice President of Holloman Corporation, the company's largest shareholder, since 1997. Prior to his association with Holloman, Mr. Prim held senior technical management positions with Huntsman Corporation and Rexene Corporation. Mr. Prim received his Bachelor of Science degree in chemical engineering from the University of Texas in 1982 and a Master of Business Administration degree, with Honors, from Amber University in 1987. He is also a registered Professional Engineer in the State of Texas and holder of seven issued or pending U.S. Patents, all pertaining to energy technology.
Mr. Prim's agreement to join the Company's Board of Directors is conditioned upon a number of criteria including continued likely completion of the Kotaneelee acquisition.
"I am looking forward to the challenges my role at EFLO will demand," said Mr. Prim, "It's an important time for EFLO... If successful, the acquisition of the Kotaneelee assets creates an excellent platform upon which to build a strategic midstream operation in Canada."
About EFL Overseas and the Kotaneelee
On September 2, 2010, the Company announced it had executed a Memorandum of Understanding for the acquisition of Nahanni Energy Inc. of Calgary, Alberta. Nahanni currently holds a 30.67 percent ownership in the Kotaneelee gas facility and certain proven and producing gas fields. The MOU is subject to customary contingencies, including, but not limited to, the completion of due diligence, financial statement audit and definitive documentation.
Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which the Company has little or no control. The Company does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the Company's recent filings with the SEC.
ON BEHALF OF THE BOARD OF DIRECTORS
EFL Overseas Inc.
CONTACT: EFL Overseas Inc. Herbert T Schmidt 1 (818) 439-9769