Diversified Purchases $1.92 Million in NE Oklahoma Oil and Gas Leases -- Elects New Board of Directors, Officers -- Declares Dividend of Tyche Energy Shares
Thursday October 25, 4:00 pm ET
TYLER, TX--(MARKET WIRE)--Oct 25, 2007 -- Diversified Oil and Gas Holdings, Limited (Other OTC:DVFI.PK - News), a diversified oil and gas venture capital firm, announces the completion of a purchase of 74 wells and 6 oil and gas producing leases in Northeast Oklahoma in a transaction valued at $1.92 million from Well Renewal, Inc. The wells are currently producing 50 barrels of oil per day with gas production coming on line in the near future. The leases, producing wells and future production become the assets of Diversified under this transaction.
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The transaction involves the future issuance of common stock of DVFI and future cash payments. Well Renewal, Inc., will remain in place as the operator of the leases under an operating agreement which is part of this transaction.
Board of Directors, New Officers: James Lancaster, CEO, regrettably has resigned his positions with the company at the demand of his personal physician due to ongoing health related reasons, effective as of this date. Prior to Mr. Lancaster's resignation, Mr. David Rees and Mr. Harry Martin were elected to the Board of Directors with Mr. Rees becoming CEO and Mr. Martin elected as CFO of Diversified. The new Board members then accepted Mr. Lancaster's resignation effective October 24, 2007, at the end of business.
New CEO: Mr. Rees is a Partner in the Salt Lake City firm of Vincent & Rees. Mr. Rees has specialized in mergers and acquisitions as well as structured financing. He received his B. A. from Weber State University and his J.D. from New York University and has extensive experience and background in the oil and gas, public utility and petrochemical arenas. He has advised several companies including Lyondell, Potomac Energy, Entergy and many independent oil and gas companies.
New CFO: Harry Martin is the Senior Vice President/Chief Financial Officer of a publicly traded company since 1999. Mr. Martin's prior experience includes managing the accounting department of a $500 million division of CBS; Vice President and General Manager of a division of Hanson Industries; and Controller of a $100 million subsidiary of Kaiser Industries. Mr. Martin was a Captain in the Air Force and during his tour of duty was responsible for four audit offices in Turkey. Mr. Martin holds a BBA degree in accounting and finance and an MBA in finance.
New Office Location: The offices and operations of DVFI have been moved to a combined location with Well Renewal, Inc., which will be at 320 S. Boston, Suite 1026, Tulsa, OK 74103, telephone 918-585-5101 for all inquiries by shareholders beginning today. The new administration is currently updating the company's web site to reflect all changes necessary to keep its shareholders informed.
Declaration of Tyche Energy, Inc., Dividend: The Board of Directors has elected to issue to the DVFI shareholders of record, 1 share of Tyche common stock for every 10 shares of DVFI owned by the shareholders as of October 24, 2007. The pay date of this dividend will be determined by the B.O.D. and announced in a subsequent press release.
Mr. Rees, newly elected CEO stated, "This transaction is a major move for both companies and the operations of the two companies with their combined technology and operational capabilities will enhance the future values of each for our shareholders."
For additional information on the newly appointed CEO and Board of Directors please visit our website at www.diverseong.com
About Diversified Oil and Gas Holdings Limited
Diversified Oil and Gas Holdings Limited is an investment venture capital firm focused on exploiting and distributing domestic oil and gas reserves. The Company also has joint venture activities with Tyche Energy Inc and Hydroslotter Corp. Diversified Oil and Gas continues its on going business relationship with WW Oil and Gas Inc.
