Tandem Energy Announces Hiring of Oil Industry Veteran as Chief Financial Officer
Thursday April 28, 9:00 am ET
MIDLAND, Texas--(BUSINESS WIRE)--April 28, 2005--Tandem Energy Holdings Inc. (OTC:TDYH - News) today announced the appointment of Michael G. Cunningham as its new Chief Financial Officer. Mr. Cunningham, who has 25 years of experience in the oil and gas industry with a specialty in oil and gas accounting, will be joining the Company on May 9, 2005. Mr. Cunningham is leaving his current position as controller of Clayton Williams Energy, Inc. (Nasdaq:CWEI - News) to join Tandem.
Mr. Cunningham graduated from Howard Payne University in 1980 and received his CPA certification from the state of Texas soon thereafter. Following a five year association with Gulf Oil Corporation, he joined the Clayton Williams organization. Mr. Cunningham assisted with taking Clayton Williams public in 1993, and was promoted to controller in 2000. He brings to Tandem extensive experience in all aspects of oil and gas accounting, financial reporting, Sarbanes-Oxley compliance, and operations. He is a member of the American and Texas Societies of CPA's.
As the CFO, Mr. Cunningham will have primary responsibility for the completion of the financial audit of Tandem and its subsequent filing to become a reporting company, along with its listing on a senior stock exchange, which is contemplated in the third quarter of 2005. He will also assist in the closing of the pending $50 million of senior debt and equity financings.
Mr. Cunningham stated: "I am extremely excited about the prospects for our new company. After 19 years, it was difficult to leave Clayton Williams Energy, Inc, but the opportunity to help build a company like Tandem rarely comes along. To be associated with a group of men whom I've known for a number of years, whose track record is proven, and whose integrity is second to none, was the key to my decision to join Tandem, and the key to Tandem's future success."
Todd Yocham, CEO of Tandem in discussing the addition of Mr. Cunningham to the management team stated: "One of our primary objectives, since we went public, was to add an experienced oil and gas accounting and financial professional to our executive team. We have certainly located that individual in Mickey, and we are extremely excited about him joining our company. With the Company at a critical stage of launching its 2005 drilling program, completing its acquisitions, funding its senior debt and equity facilities, and completing its financial audit and independent engineering reports, the addition of a top quality financial professional was an absolute necessity for the Company to reach the status that we all envision."
About Tandem:
Tandem Energy Holdings, Inc. was formed to acquire 100% of the outstanding stock of Tandem Energy Corporation and to acquire other low-risk oil and gas properties located in Texas, New Mexico, Oklahoma, and Kansas. The Company combines principal shareholders with over 100 years of oil and gas experience, whose goal is to use their combined talents to build a major independent oil and gas company. Tandem expects to complete its financial audit and receive its independent engineering report, which will be issued according to SEC standards, within the next 75 days. At that time, the Company will file all necessary reports with the SEC to gain reporting company status, and immediately apply for a listing on the Nasdaq NMS exchange or AMEX with the goal of obtaining such a listing no later than the end of the third quarter of 2005.
Forward-Looking Statements:
Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Litigation Reform Act of 1995. The Company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release, the Company will appropriately inform the public.
Tandem Energy Holdings Inc.
200 N. Loraine, Suite 500
Midland, Texas 79701
432-683-9700
Contact: Lance Duncan
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