AusTex Oil Limited (ASX:AOK) Appoints Mr Luis Vierma as Non-Executive Director
Sydney, Aug 31, 2011 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) is pleased to advise the appointment of Mr Luis Vierma, a partner in Iroquios Capital Opportunity Fund LP (ICO Fund), as a Non-Executive Director of the Company effective 1 September 2011. Mr Vierma holds a Bachelor's Degree in Chemistry and a Master's degree in Geology (Geochemistry of Petroleum).
Prior to joining ICO Fund, he was formerly the Deputy Chairman of OPEC Long Term Strategy, Deputy Director of Hydrocarbons at the Energy Ministry of Venezuela, President of CVP, an affiliate of Petrõleos de Venezuala S.A. (PDVSA), and Director and Chairman of CITGO. Mr Vierma was also the Vice President of Exploration and Production PDVSA, President of PDVSA Research Centre and Professor of Chemistry at Universidad Central de Venezuela. He has 32 yrs of global experience in the oil and gas industry.
The Board extends a warm welcome to Mr Vierma and believes that his industry experience and global perspective will assist AOK in forming strategic alliances to further develop the company's US based oil and gas assets.
About AusTex Oil Limited
AusTex Oil Limited (ASX:AOK) (OTCQX:ATXDY) is a Public Company listed on the Australian Securities Exchange (ASX) and the OTCQX.
AusTex is focused on exploration and development of oil and gas leases in the USA. The company produces oil and gas in Oklahoma and Kansas and is currently developing producing leases in both states with interests in 11,600 net acres of oil and gas leases in the Mississippi Lime Play. The Company has net production of circa 800 boe/day with Independent 1P reserves certified at 3.505 Million BOE with NPV10 of US34.8 million as at 31 December 2015.
US operations are based in Tulsa, Oklahoma, with an office at 1801 East 71st Street. International Energy Corporation (Oklahoma) is a wholly owned subsidiary and a licensed oil and gas operator in Oklahoma and Kansas.
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