Chancellor Group Inc (CHAG)

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CHAG PR

Chancellor Group, Inc. Announces Changes in the Board of Directors
Business Wire - April 08, 2002 11:05
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BOSTON--(BUSINESS WIRE)--April 8, 2002--Chancellor Group, Inc. (OTC: CHAG) announces changes in the company's Board of Directors.

Chancellor Group, Inc. announced today that effective April 5, 2002 Mr. Shane Xavier Gabriel Rodgers has been ordered to be removed as officer and director of Chancellor by District Court, Clark County, Nevada for breach of fiduciary duty.

The Clark County Court also appointed a new, two-person Board of Directors for Chancellor group, Inc. The new Board members will be Mr. Dudley Muth and Ms. Jill Orizondo, who will take control of the company's reorganization. The new Chancellor Group Board of Directors also plans on holding a shareholder meeting, and plans on making further statements on this subject in the future.

The new board will seek to co-opt technical oil industry advice, and will re open talks with the owner of the Kansas oil property lost to the Company by previous management.

It should be emphasized that no undertakings have been given as to whether or not the Kansas oil property might again be available to Chancellor Group Inc.

Mr Dudley Muth is a California attorney who is a compliance officer with a Los Angeles brokerage firm. Ms. Orizondo is a Michigan attorney with extensive business experience.

FORWARD LOOKING STATEMENTS

Chancellor Group Inc ("Chancellor Group," or the "Company" or "Chancellor") cautions readers that certain important factors may affect the Company's actual results and could cause such results to differ materially from any forward-looking statements that may be deemed to have been made. Without limiting the generality of the foregoing, words such as "may," "expect," "believe," "anticipate," "intend," "could," " estimate," "plans," or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. With respect to any forward-looking statements contained herein, the Company believes that it is subject to a number of risk factors, including the Company's ability to develop its oil and gas leases; competitive actions; and, general economic and business conditions. Any forward-looking statements should be evaluated in the light of these important risk factors. The Company is also subject to other risks detailed herein or set forth from time to time in the Company's filings with the Securities and Exchange Commission.


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