CALGARY, Jan. 18 /CNW/ - Stealth Ventures Ltd. ("Stealth" and/or the "Company") (TSX.V: SLV) is pleased to announce that effective January 18, 2010, Mr. Subra V. Subramaniam has joined its Board of Directors. Mr. Subramaniam is a successful and well established business executive and entrepreneur specialized in international business in the oil and gas industry with a market focus on Asia and with specific expertise on India. His wide industry expertise ranges from strategic planning, establishment of strategic partnerships/joint ventures, business development, government relations, operations management and general management, with proven experience and expertise in the upstream oil and gas business. He is also well-versed with the nuances of the mid-stream and down-stream activities of the oil industry. Mr. Subramaniam has a proven track record of having established and managed successfully various start-up operations, and in identifying and implementing growth oriented projects and activities, and is a welcome partner to Stealth's efforts in the International marketplace.
Mr. Subramaniam is a Commerce Graduate with Honors from the University of Delhi in India and has over 26 years experience in the Indian oil and gas marketplace. Mr. Subramaniam started his career with Griffin Alexander Drilling Company (GADC), of Houston, Texas, USA during the start-up of its India operations. He aided in strategic bidding to solidify long-term offshore drilling contracts and was instrumental in forming an alliance and establishing a joint venture for GADC in India, which today is the largest drilling company in India, traded on the Mumbai Stock Exchange as Aban Offshore.
Mr. Subramaniam later secured contracts through bids and brought in 2 onshore drilling rigs for HEG Limited, of Delhi, India, and managed the complete start-up operations for the Oil Division of that company, in addition to securing 2 contracts with the National Oil Company in India for an onshore and an offshore drilling rig for Lloyds Steel Industries Ltd., of Bombay, India while managing the complete start-up operations for its newly established Oil & Gas Division. Later in his career he moved to the E&P side where he negotiated, finalized and established a Production Sharing Contract (PSC) with the Government of India for a producing oil and gas field for Command Petroleum Holdings NL (Command), of Sydney, Australia, which was the first PSC ever signed by the Government of India with a Foreign Entity for such proven oil and gas fields in India. As part of the management team he was one of the leads in completing a USD 250 million oil field development program in India, within budget and ahead of schedule, for Command.
Command was later taken out by Cairn Energy PLC (Cairn), of Edinburgh, Scotland, UK where Mr. Subramaniam bid, negotiated and secured 8 PSCs with the Government of India for oil and gas exploration in India. He was one of the persons in senior management during multiple oil and gas discoveries by Cairn in India and Bangladesh, and in the operations and development of these discoveries, over a period of 8 years.
Following Cairn, Mr. Subramaniam was the lead person in negotiating, securing and establishing 2 PSCs with the Government of India, for Canoro Resources Ltd (Canoro), of Calgary, Canada. As the Country Manager and as part of the Canoro team, he was instrumental in negotiating and procuring additional participating interests to consolidate and increase Canoro's oil and gas acreage in India.
In 1999 Mr. Subramaniam concentrated his efforts on entrepreneurial endeavors with his privately owned company, Super International Inc., where he was a key person of a team that negotiated a Government to Government alliance between the Government of Alberta and the Government of India, through The Alberta Research Council, of Calgary, Canada for the establishment of a Data Repository and the formulation of a policy for continuous rounds of bidding for oil and gas acreage in India. He later negotiated and secured a multimillion dollar contract for MEG Worley, of Calgary, Canada for a FEED study for the largest onshore oil and gas discovery in India, in addition to negotiating and finalizing 4 Joint Venture projects for the bidding for acreages offered by the Government of India for Pan Orient Energy Corp., of Calgary, Canada. Through strategic planning and adoption of optimal bidding strategies, he later secured a USD 600 million dollar contract for engineering and EPC for the largest onshore oil field in India.
Mr. Subramaniam's proven track record will aid Stealth in the development of its technology, expertise and experience in the international marketplace, and more specifically within Asia and India, for Unconventional Gas and tight reservoir exploration and development. He has been consulted by the current management of Stealth, off and on over the past few years, towards building a strategy of entering India, which is one of the world's largest and fastest growing economies.
Mr. Robert Bell, who has been a valued Director of Stealth, has resigned as Chairman of the Board of Directors and as a Director, effective January 18, 2010. Stealth management and directors would like to personally thank Mr. Bell for his many years of valued input, dedication and guidance to the Company.
Stealth Ventures Ltd. is a Calgary-based junior oil and gas company whose expertise and focus is on "unconventional" gas reserves from shale gas, CBM, and tight gas sand reservoirs.
STEALTH VENTURES LTD.
Per: DEREK KRIVAK
Chief Executive Officer
Forward Looking Statements:
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
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SOURCE STEALTH VENTURES LTD.
For further information: For further information: Derek Krivak, CEO, Stealth Ventures Ltd., Tel.: (403) 514-9998, Fax: (403) 514-9995, Emails: firstname.lastname@example.org