King Resources Announces New Chairman and Seismic Joint Venture
January 28 2008 - 4:12PM
Business Wire
King Resources, Inc. (Pink Sheets: KING) announced today the
appointment of Norris R. Harris as Chairman of King Resources. Mr.
Harris replaces James Fajack who will remain on board as Vice
Chairman and CFO. King owns approximately 170,000 miles of 2-D
seismic from Florida to far south Texas. This data was acquired by
King in 2001 for $6.5 million. Two independent appraisals give the
data a value of over $60 million. The company has an arrangement
with a private entity which will fund the digitizing of the data
and the cost of reviewing all of the data on digital workstations.
King expects this work to locate numerous exploratory and
development opportunities in the prolific Gulf Coast area where
today�s technology allows the geophysicist to learn much more from
data which was gathered and processed even five years ago. This
data was gathered during a thirty year period from the mid-sixties
to the mid-nineties. In return for funding this project, the
private entity will have the right to develop leads which the
entity generates. King will have the right to participate directly
or receive an overriding royalty or carried working interest in
every well and acquisition generated. It is estimated that this
project will be ongoing, and the first phase will require five
years of time and several million dollars. The obvious prospects
will be located in a short period of time; the more complicated
prospects will take longer. A team of experts with long experience
in seismic and geological interpretation is being assembled for
this venture. This team will be guided by Mr. Harris who first
introduced the oil & gas industry to true amplitude and broad
bandpass recording in the late 1960s over the violent objection of
his superiors and at the time, most of his industry peers. This
technology led to the direct detection of hydrocarbons with seismic
data which was widely considered impossible at the time, but is
routinely used today. This will not be the first time Mr. Harris
has led a study of this scope, having once supervised a study of
over 300,000 miles of data, from the Sea of Japan to the Gulf of
Thailand. Mr. Harris was also responsible for geophysics during the
early phase of exploration in the UK waters of the North Sea and
offshore Nigeria, where over two billion barrels of oil was found
based upon his personal seismic interpretation. King and the group
which is funding this project expect this work to add considerable
value to the data base and to lead to the acquisition of more data
through industry exchanges. About King Resources King resources is
a development stage Oil and Gas Exploration Company. King's
management has extensive national and international, on and
offshore exploration experience in drilling, designing production
platforms and production. King's team has evaluated and developed
projects in the Gulf of Mexico, the North Sea, offshore Nigeria,
and other areas. Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995: Except for historical information,
the forward-looking matters discussed in this news release are
subject to certain risks and uncertainties in the Oil and Gas
industry which could cause the Company's actual results and
financial condition to differ materially from those anticipated by
the forward-looking statements including, but not limited to, the
Company's liquidity and the ability to obtain financing, the timing
of regulatory approvals, uncertainties related to corporate
partners or third-parties, competition, and the early stage of
exploration and development, as well as other risks indicated from
time to time in the Company's filings with the Securities and
Exchange Commission. The Company assumes no obligation to update or
supplement forward-looking statements that become untrue because of
subsequent events. King Resources can be contacted by calling
Robert Peterman at 512-478-8900.
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