CALGARY, Oct. 29 /CNW/ - Stealth Ventures Ltd. (Stealth) is very pleased
to announce that Rudy Cech and Derek Krivak, both of Calgary, Alberta, will
join the Board of Directors effective November 1st, 2007.
Mr. Cech joined the staff of J.C. Sproule and Associates Limited (now
"Sproule Associates Limited") in Calgary in 1970 and retired from his position
as Senior Vice President in June 2006. During his 37 years with Sproule, Mr.
Cech conducted reserves estimation and evaluation studies on petroleum and
mineral properties. He supervised and managed exploration and development
projects, as well as conducting regional and local geological studies in
Canada, the U.S. and worldwide. He has presented several papers concerning the
development of coalbed methane projects. Mr. Cech is a Member of the Petroleum
Society of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM).
He is also a Professional Engineer with the Association of Professional
Engineers, Geologists and Geophysicists of Alberta (APEGGA).
Mr. Krivak joined Stealth as Vice President, Operations on April 1, 2005,
and is currently its Chief Operating Officer (COO). Mr. Krivak's past
experience as Project Manager for the Unconventional Gas Research Group with
Alberta Research Council Inc. (ARC) and with the Gas Technology Institute
(formally the Gas Research Institute) included evaluation and program planning
for unconventional gas projects throughout North America.
The extensive experience in unconventional gas projects brought to the
Board by Mr. Cech and Mr. Krivak will prove invaluable as Stealth initiates
full commercial production of its shale project in Alberta, and continues work
on its large CBM project in Nova Scotia.
Raymond Fong, who has been a valued Director of Stealth since November
1999, will be resigning effective November 1, 2007. Mr. Fong is taking an
active role as an officer and director of a private company, Golden Hill
International Holdings Limited ("Golden Hill") of Hong Kong. Golden Hill
operates a CBM project in China, and Stealth announced a Management Services
Contract with them on September 12, 2007. As such, and as a supportive
shareholder, Mr. Fong will continue to be associated with Stealth's future.
Stealth also owns a minority share position in Golden Hill. Stealth would like
to thank Mr. Fong for his contribution as a Director, Officer and Committee
Member over the years.
In anticipation of its continued growth and transition from an
exploration company to a full cycle natural gas producer, Stealth is also
pleased to announce new Investor Relations consulting agreements with O&M
Partners, LLC ("O&M") based in New York and Evergreen Capital Corporation Sàrl
("Evergreen") based in Geneva, Switzerland. Stealth is positioning its
unconventional gas projects, in particular the large Alberta Shale Gas Play,
for optimum public exposure in ascending gas markets as supplies tighten
again. Market awareness will be important in supporting maximum value
generation and accelerated play development.
New York based O & M is a buyside consulting firm specializing in the
junior resource sector. Since 1995, O & M has been bringing small cap equities
to the institutional investment community across the United States and select
European and U.K. markets. For the past four years, O & M has been in the
forefront of helping introduce senior management to key targeting of both
specialist and generalist investors. O & M does not own any securities of
Evergreen was founded in 2003 with a mandate to provide financial
services to mining and resource companies globally. To date Evergreen has
acted as a placing agent, raising significant capital in Europe, primarily via
private placements. Its business has also included providing investor
relations services based out of Switzerland to companies headquartered in
North America. H. B. Bloomer, the managing director of Evergreen, has a career
in financial services spanning four decades on three continents. He and his
staff are very excited with the opportunity Stealth represents for investors
in Europe and worldwide. Evergreen or its principals currently hold 100,000
shares and 161,914 share purchase warrants of Stealth.
Under terms of the consulting agreements Stealth will pay O&M a minimum
of US $64,000 over a one year period and grant 250,000 stock options at an
exercise price of $0.80. Evergreen will be granted 150,000 stock options at an
exercise price of $0.80. In addition, a total of 160,000 stock options will be
issued under Stealth's Stock Option Plan at an exercise price of $0.80 to its
new director and two new employees.
Stealth Ventures Ltd. is a Calgary-based junior oil and gas company whose
expertise and focus is on "unconventional" gas reserves from CBM, shale gas
and tight gas sand reservoirs.
STEALTH VENTURES LTD.
"W. Robert Bell"
Per: W. ROBERT BELL
Chief Executive Officer
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS NEWS RELEASE
MAY CONTAIN FORWARD-LOOKING INFORMATION. ACTUAL FUTURE RESULTS MAY DIFFER
MATERIALLY FROM THOSE CONTEMPLATED.
For further information:
For further information: W. Robert Bell, CEO Mark J. Roth, CFO Stealth
Ventures Ltd., Tel.: (403) 514-9998, Fax: (403) 514-9995, Emails: