Advise of the Appointment of Mr Russell Krause to the Board
Sydney, Oct 23, 2012 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) wishes to advise of the appointment of Mr Russell Krause to the Board as an independent non-executive director pursuant to clause 12.7 of the Company's Constitution effective from today.
Mr Krause's appointment is to boost the Board's commitment to ensure an appropriate level of independence and financial expertise on the Board. The Board will continue to review its current skill set versus its requirements both on the ASX and in its preparation for a proposed listing on the TSXV in 2013. It is anticipated that a further full Board review to determine the size, structure, capability, location and needs of the Board will be conducted prior to such listing.
Mr Krause has 25 years' experience in Stockbroking and Investment Banking and held Directorships and Senior Management positions with a number of leading Australian firms. Over this time Mr Krause's primary focus has been the Resources sector and brings extensive experience in Australia, Africa, Asia and North America. For the past 10 years he has worked on a number of North American Oil and Gas projects in the Mid-Western USA. Mr Krause is currently a Director of Singapore based AuzMinerals Resource Group Limited and Novus Capital Limited.
Commenting on the appointment the Company's Chairman Mr Adrey said: "Russell has been a significant supporter and contributor of business acumen over the last three plus years, and the board feels that he will be a tremendous asset for our future plans."
About Australian Oil Company Limited
Australian Oil Company Limited (ASX:AOK) (OTCMKTS:SGCSF) is an Australian-based energy company focused on under-explored, recently over-looked, world class oil and gas opportunities near under-supplied markets. The Company is currently focussed on conventional oil and gas exploration and production in the Sacramento Basin in California. Australian Oil has a portfolio of natural gas and oil producing wells in addition to prospects and discoveries at various exploration and appraisal stages. AOK is in the process of evaluating the acquisition of oil and gas producing and exploration assets to enhance the Company's strategic needs and deliver shareholder value.
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