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Press Release Source: King Resources, Inc.
King Resources Engages Independent Audit Firm
Monday August 14, 4:53 pm ET
AUSTIN, Texas--(BUSINESS WIRE)--Aug. 14, 2006--King Resources, Inc. (OTC: KING - News) through its CEO, D. James Fajack, announced today that its Board of Directors has engaged Helin, Donovan, Trubee & Wilkinson, LLP (HDTW) of Austin, Texas, as its registered independent public accounting firm. HDTW has already commenced reviewing all past and current financial information with the intent to bring King into full compliance with SEC reporting requirements as soon as possible.
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Fajack, added; "Though less than four months have passed since the "new" KING has been in operation, as can be seen by reading the "About King Resources" section below, I feel we have already assembled a management and exploration team along with properties and assets that would be the envy of even some current exchange listed companies. With the addition of HDTW, we have made the next critical step required in ultimately fulfilling our commitment to shareholders to bring King current on all SEC filing requirements and then once a required share price is reached, to apply for a major stock exchange listing."
About King Resources
King Resources is a development stage Oil and Gas Exploration and Production Company with a bias toward high risk, high reward "wildcatting". Its four senior members of Management have over 140 years of Oil and Gas experience. The four have each held senior Management positions including CEO positions in one NYSE Company, one AMEX Company, CFO positions in two NYSE and One NASDAQ and Exploration & Production Management in two NYSE companies and Managing Partner in one private LLC.
Existing major assets owned include: 170,000 linear miles of 2D Seismic along with over 1,000 old well data packages in Texas, Louisiana, and Mississippi; a 100% working interest in approximately 2,700 acres in the Fayette Field, Jefferson County, Mississippi; a Joint Venture agreement under which it acquired a 50% interest with Carpathian Energy Companie Petroliera, SRL in the Calinesti Field Southwest of Bucharest, Romania which encompasses approximately 189,000 acres; and, a 50% working interest in 10,000 acres Offshore Gulf of Mexico, Vermillion Blocks 112 and 113 approximately 30 miles off the coast of Louisiana.
King's team has extensive national, international, on, and offshore exploration experience in drilling, designing production platforms and production. King's team has evaluated and developed projects in the Gulf of Mexico, the North Sea, offshore Nigeria, and other areas.
Management resumes, assets and property descriptions can be found at www.kingresources.net
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward-looking matters discussed in this news release are subject to certain risks and uncertainties in the Oil and Gas industry which could cause the Company's actual results and financial condition to differ materially from those anticipated by the forward-looking statements including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, uncertainties related to corporate partners or third-parties, competition, and the early stage of exploration and development, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
King Resources can be contacted by calling Foster Hagen of Investor Relations at 512-334-6500, or Investor Relations at investorrelations@kingresources.net, or www.kingresources.net
Contact:
King Resources, Inc.
Foster Hagen, 512-334-6500
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Source: King Resources, Inc.
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