FRISCO, Texas, Jan. 3 /PRNewswire-FirstCall/ -- CrossPoint Energy Company , an oil and gas company focused on the acquisition, exploration, and development of oil and gas properties primarily in East and Southeast Texas today announced that its Board of Directors on December 13, 2006 approved the appointment of Messrs. J.W. Brown, Steven R. Shaw and Ross Welgehausen as new directors. The appointments are effective January 1, 2007.
J.W. Brown: Since July 1990, Mr. Brown has been the General Partner of Premier Capital, Ltd., an investment banking firm primarily focused on transactions in the energy industry. Prior to founding Premier, Mr. Brown was founder and principal of WesAl Capital, Ltd., an energy investment banking firm. Previously, Mr. Brown had been active in the oil and gas business sector in private companies and partnerships, which he formed and managed. Mr. Brown holds a Bachelor of Arts, a Juris Doctor and Master of Laws degree from Southern Methodist University.
Steven R. Shaw: Mr. Shaw is currently engaged in personal investments and consulting. Mr. Shaw was an Executive Vice President of operations for Cimarex Energy Company, a public exploration and production company from 2002 to 2005. From 1985 to 2002, he was a Vice President of Exploration and Production at Helmerich & Payne, Inc., a successful oil and gas exploration and production company engaged in domestic and international drilling. Mr. Shaw worked as a drilling engineer, drilling manager and operations manager from 1979 to 1985 for Andover Oil & Gas, which was acquired by Santa Fe Minerals in 1982. Prior to joining Andover Oil & Gas, Mr. Shaw worked for Amoco Production in the 1973 to 1979 time frame, as an operations engineer in Brownfield, Texas, a reservoir engineer in Houston, Texas and for Amoco International in Chicago, Illinois, and an operations, drilling engineer in Trinidad and Tobago. Mr. Shaw is a 1973 graduate of The University of Missouri at Rolla with a BS in Petroleum Engineering.
Ross Welgehausen: Mr. Welgehausen is a Co-Founder and Principal of Venn Capital Advisors, L.P. which provides consulting and financing advisory services to emerging businesses and their owners. From late 2003 to 2005, he provided business advisory services to various companies and, from 2001 to mid-2003 was Vice President - Mergers & Acquisitions of Alon USA, Inc., a refining, marketing and transportation company. From 1994 to 2000, Mr. Welgehausen was with Tesoro Petroleum Corporation, an oil and gas exploration, production and refining company, as Vice President - Finance. Mr. Welgehausen is also currently a Director of TotalChart, Inc. Mr. Welgehausen received a Bachelor of Business Administration degree in Finance from Texas A&M University.
Management Comment
Daniel F. Collins, President and Chief Executive Officer of CrossPoint said, "As a rapidly growing company, it is essential for CrossPoint to have the expertise required for developing and growing our organization profitably. J.W., Steven and Ross bring complementary skill sets, which will assist CrossPoint in identifying attractive growth opportunities, executing our growth plan, building on our operational best practices and creating an effective organizational structure appropriate to each stage of our development. J.W. brings valuable and trusted relationships for finding new opportunities that fit with our growth plan, Steven is an experienced operator with a proven track record of building high-performance organizations and Ross brings a wealth of energy industry finance experience with strategic insight and planning acumen. At a time when talent in our industry is in short supply, we are fortunate to have these seasoned and successful entrepreneurs on the CrossPoint team."
About CrossPoint Energy Company
Frisco, Texas-based CrossPoint Energy Company is an oil and gas company focused on growth through drilling and developing relatively lower and moderate risk properties which contain as an upside, certain higher risk, very prolific reserves. The Company's initial properties are located in East and Southeast Texas. For more information about CrossPoint, please visit the Company's website at http://www.crosspointenergy.com/.
Forward-Looking Statements
Certain statements in this news release regarding future expectations, plans for acquisitions and dispositions, oil and gas reserves, exploration, development, production and pricing may be regarded as "forward-looking statements" within the meaning of the Securities Litigation Reform Act. They are subject to various risks, such as operating hazards, drilling risks, the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas, as well as other risks discussed in detail in the Company's periodic reports and other documents filed with the SEC. Actual results may vary materially.
