Press Release Source: Energytec, Inc.
Energytec Creates New Projects Division; Hires Managing Director
Monday March 12, 8:30 am ET
DALLAS, March 12 /PRNewswire-FirstCall/ -- Energytec, Inc. (Pink Sheets: EYTC - News) today announced that it had created and staffed a New Projects Division to be managed by Dr. Anton Prodanovic. The new division will have primary responsibilities in the areas of new acquisitions, prospect generation, evaluation of new research and development opportunities and data base acquisition.
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Dr. Prodanovic worked for Exxon Corporation from 1976 until 1984 and then Mobil Corporation from 1984 until 2000. Upon his retirement, he was engaged in a broad consulting practice involving international oil and gas exploration and development, alternative fuels research and project evaluation (both domestic and international).
Dr. Prodanovic holds a PhD (Rice University), an MA in International Business (University of Texas at Dallas) and a BS in Civil Engineering (University of Sarajevo). He has had a prolific publications career and was a Fulbright Scholar. He has been a senior executive as well as a project manager, engineering manager and research scientist. He is fluent in seven languages and has numerous research collaborations internationally.
Energytec President and CEO Don Lambert said, "We are very fortunate to attract and retain a person of Anton's skills and experience. As we endeavor to build Energytec from here forward, we are focused on the '5 P's" namely, profitability due to people, place, position, and proprietary technology. Considering the acute shortage of technical personnel in the oil and gas business today, we are committed to engaging persons of vast experience like Dr. Prodanovic who can contribute mightily now and also pass on their knowledge and skill to younger staff in training. He will be invaluable as we evaluate new drilling alliances, new prospects, new acquisitions and many technologies we have identified for heavy oil development, enhanced oil recovery, bio-remediation, and downhole molecular alteration of oil, among others."
ABOUT ENERGYTEC
Energytec, Inc. is an independent oil and gas company based in Plano, Texas, principally engaged in acquisition and development of mature fields. Its operations are focused primarily in four areas of Texas (Northeast, East, Central and South Central) and secondarily in Wyoming in the Big Horn Oil Field. For further information, call Energytec at 972-985-6715 or email the Company at energytec@energytec.com. The Company also maintains a website, www.newenergytec.com, which contains, among other items, pertinent corporate information and links to filings with the SEC.
The statements included in this document concerning Management's plans and objectives, including statements related to the future of Energytec, the evaluation of new drilling alliances, prospects, and acquisitions constitute forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited, to factors detailed in the Company's annual and quarterly filings with the Securities Exchange Commission; down-turns in the Company's primary markets; disruption to the Company's operations from acts of God or extended maintenance; inability to obtain sufficient capital to consummate new drilling alliances, prospects, and acquisitions; and production and transportation difficulties. Accordingly no assurance can be given that events or results mentioned in any such forward- looking statements will in fact occur.
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Source: Energytec, Inc.
