MELBOURNE, Australia,
Jan. 25, 2012 /PRNewswire/ -- Austin Exploration Limited (ASX:
AKK) (OTCQX: AUNXF) Richard Cottee,
a well-known global and Australian businessman, will become
the chairman of the board of Austin Exploration, an Australian oil
and gas company with U.S. headquarters in Denver.
Cottee's previous position was CEO of Nexus Energy an oil and
gas exploration and development company in Australia.
"Richard is one of the strongest business executives that I have
ever worked with," said Hart. "Cottee is a great leader who
has expertise in every discipline throughout a public company and
huge depth in all facets of the energy sector."
Cottee, an attorney, will help Austin grow, according to Guy Goudy, CEO. Cottee first came to prominence
in Australia as former CEO of
Queensland Gas Corporation, which was eventually acquired by
British Gas for $5.7 billion.
He was director of marketing and sales for Cyprus Amax and then
was named managing director of England, Wales, Scotland, Ireland and the Scandinavian and Norway regions for NRG Energy. Previously he
was with Santos Oil and Gas.
Austin is moving forward with
negotiations for a reserves-based debt-and-equity funding
facility.
Announcing Cottee's appointment, Austin exploration director and president
Mark Hart, Ph.D. said his
"international energy experience, outstanding reputation for
driving company market development and intense business savvy will
help Austin enormously."
About Austin Exploration Limited
Austin Exploration Limited is an Oil and Gas Company with
assets in Australia and
the United States. Austin has strategically shifted its core
focus towards non –conventional shale exploration in the United
Sates. The Company has now established a major presence in two of
America's most prolific oil and gas basins. Austin controls more than 11,000 acres in
Colorado in the Niobrara Shale and
over 5,000 acres in Texas in the
Eagle Ford Shale. Austin has producing wells in Texas, Mississippi and Kentucky. Austin also has a highly prospective Oil and
Gas License, PEL 105, in the Cooper Basin of South Australia and preparations to drill this
prospect in 2012 have begun. The company's wholly owned US
Subsidiary, Aus-Tex Exploration Inc, turned cash flow positive in
January 2011. Austin Exploration
Limited (OTCQX: AUNXF) (ASX:AKK) trades in the United States on OTCQX under the symbol
"AUNXF", where each ADR represents 100 ordinary shares.
SOURCE Austin Exploration Limited