DENVER and CALGARY, Alberta, March 12 /CNW/ -- Storm Cat Energy
Corporation (Amex: SCU; TSX: SME) today provided a corporate update.
As announced on Friday, March 9, 2007, Storm Cat Energy President & CEO
Scott Zimmerman is taking administrative leave from the Company for personal
reasons. Mr. Zimmerman's leave is not related to any operational or financial
issues with the Company nor the result of a disagreement with the Board of
Directors over the strategic direction of the Company. In his place, Storm
Cat Energy's Board of Directors has appointed current Company Chief Operating
Officer Keith Knapstad as acting President and Chief Executive Officer.
Mr. Knapstad, who joined Storm Cat Energy in April of 2005, has a broad
range of experience in unconventional resources and natural gas. Prior to
joining Storm Cat Energy Corporation, Mr. Knapstad most recently served as
Manager of the Powder River Basin assets for J. M. Huber Corporation, a
privately held corporation with extensive unconventional resource holdings.
Prior to Huber, he worked for Marathon Oil Company/Pennaco Energy in the Rocky
Mountain region managing a multi-disciplined team responsible for engineering
and development of various Rocky Mountain producing areas, especially the
development of Marathon's coal bed natural gas prospects.
Acting President and CEO Keith Knapstad commented: "I look forward to
working with the Board of Directors and the entire management team to keep
Storm Cat moving forward. The Board and management remain fully supportive of
the $31 million Series B financing which is subject to a shareholder vote
later this month. With the proceeds from this offering we will be able to
continue our aggressive development in the Powder River Basin, move forward in
the Fayetteville shale and continue our work in Canada. Our objective has
always been to add shareholder value by growing the Company through the drill
bit in prospects where we can apply our technical expertise. A successful
vote on the Series B financing is a critical step in reaching this objective."
For further shareholder inquiries please contact Storm Cat Energy
Investor Relations at 303-991-5070 or at info</B>stormcatenergy.com.
About Storm Cat Energy Corporation
Storm Cat Energy is an independent oil and gas company focused on the
pursuit, exploration and development of large unconventional gas reserves from
fractured shales, coal beds and tight sand formations. The Company has
producing properties in Wyoming's Powder River Basin, exploration and
development acreage in Canada, Arkansas and Alaska. The Company's shares trade
on the American Stock Exchange under the symbol "SCU" and in Canada on the
Toronto Stock Exchange under the symbol "SME."
This press release contains certain "forward-looking statements," as
defined in the United States Private Securities Litigation Reform Act of 1995,
and within the meaning of Canadian securities legislation, relating to matters
such as the Company's drilling and other exploration plans and projected well
economics. Forward-looking statements are statements that are not historical
facts; they are generally, but not always, identified by the words "expects,"
"plans," "anticipates," "believes," "intends," "estimates," "projects,"
"aims," "potential," "goal," "objective," "prospective," and similar
expressions, or that events or conditions "will," "would," "may," "can,"
"could" or "should" occur. Forward-looking statements are based on the
beliefs, estimates and opinions of Storm Cat's management on the date the
statements are made; including production and reserve estimates, and potential
benefits to Storm Cat of such acquisitions, and they involve a number of risks
and uncertainties. Consequently, there can be no assurances that such
statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements. Storm Cat
undertakes no obligation to update these forward-looking statements if
management's beliefs, estimates or opinions, or other factors, should change.
Factors that could cause future results to differ materially from those
anticipated in these forward-looking statements include, but are not limited
to receipt of necessary approval from regulatory bodies, the failure to
achieve the anticipated benefits of the acquisition, the failure to close the
acquisition, the volatility of natural gas prices, the possibility that
exploration efforts will not yield economically recoverable quantities of gas,
accidents and other risks associated with gas exploration and development
operations, the risk that the Company will encounter unanticipated geological
factors, the Company's need for and ability to obtain additional financing,
the possibility that the Company may not be able to secure permitting and
other governmental clearances necessary to carry out the Company's exploration
and development plans, and the other risk factors discussed in greater detail
in the Company's various filings on SEDAR (www.sedar.com) with Canadian
securities regulators and its filings with the U.S. Securities and Exchange
Commission, including the Company's Form 20-F for the fiscal year ended
December 31, 2005.
NO STOCK EXCHANGE HAS REVIEWED OR ACCEPTED RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
For further information:
For further information: William Kent, Director of Investor Relations,
+1-303-991-5070 Web Site: http://www.stormcatenergy.com