HOUSTON, June 20, 2011 (GLOBE NEWSWIRE) -- EFL Overseas Inc. (OTCBB:EFLO) ("EFLO" or "the Company"), announces the appointment of Robert Wesolek to its Board of Directors.
"Expanded operations in Texas and our continued pursuit the Kotaneelee gas fields and processing facilities demand we increase management resources," stated EFLO President, Keith MacDonald. "Bob brings the Company a wealth of financial and regulatory skill together with long experience in the design and implementation of accounting systems and controls. He is a welcome addition."
Wesolek has been the Chief Financial Officer of Holloman Energy Corporation since August 4, 2009, and has acted as an executive consultant providing financial, regulatory and system design services to emerging corporations since 2006. Prior to 2006 Wesolek served as Chief Financial Officer and director of House of Brussels Chocolates Inc. (2004-2006), President and Chief Executive Officer of The Navigates Corporation (1998-2004), Chief Financial Officer of Sharp Technology Inc. (1998-2001), President of the Desktop Software Division of Citadel Security Software (1996-1998), and Chief Operating Officer of Kent Marsh Ltd., Inc. (1988-1996). During the period from 1980 to 1988, Mr. Wesolek was a Senior Practice Manager in the Audit Division of Arthur Andersen LLP.
About EFL Overseas
Beginning in 2010, EFLO announced pursuit of an acquisition of certain working interests in the Kotaneelee gas facility and its related proven and producing gas fields located in the Yukon Territory, Canada. EFLO is currently a party to negotiations with multiple interest holders in those assets.
In April 2011, the Company initiated oil and gas operations through its execution of Farmout and Participation Agreement for the acquisition of a net working interest ranging from 21.25% to 42.5%, in a 2,629 acre oil and gas lease located in southwest Texas.
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: Keith MacDonald EFL Overseas Inc. 1 (403) 246-8443