Rockdale Resources Corporation Announces New Business Plan, New Management Team and Name Change
Last update: 5/14/2012 7:00:00 AM
AUSTIN, Texas, May 14, 2012 /PRNewswire via COMTEX/ -- Rockdale Resources Corporation (otcnbb:ATDN) shareholders have approved a plan to focus exclusively on the exploration and development of oil properties in Texas.
In furtherance of the Company's new business plan, the Company also announced the following:
It has changed its name to Rockdale Resources Corporation from Art Design, Inc.;
It has elected new management and a new board of directors;
It has entered into an agreement, which provides for the purchase of certain leases and the immediate drilling of new oil wells on the leases in the Rockdale Field in Milan County, Texas; and
It has opened new corporate offices and relocated the company to Austin, Texas.
The Company's shareholders approved the election of a new board of directors consisting of individuals with extensive experience in the creation and operations of public and private oil and gas companies.
The Company appointed Michael D. Smith as its new president and appointed Rick A. Wilber and John P. Barton as directors. Marc S. Spezialy, a former audit manager with PricewaterhouseCoopers LLP, has been hired as the Company's chief financial officer.
"We are excited with the opportunities available to the Company in the active development of the Rockdale Field," stated Mr. Smith. "We have assembled a team of management and consultants that we believe will allow Rockdale the opportunity to achieve rapid growth in oil production and shareholder value in a short time frame."
Mr. Smith has served as the president of Kingman Energy, LLC, a Dallas-based oil operator and has experience in all aspects of oil and gas operations. Mr. Wilber is a private investor and serves on the board of several public companies, including Synergy Resources Corporation (SYRG), Vanguard Energy Corporation (VNGE) and Ultimate Software (ULTI). Mr. Barton serves on several oil company boards and has consulted for numerous oil and gas companies.
The Company plans to commence drilling its first wells by the end of May.
About Rockdale Resources Corporation
Rockdale Resources Corporation is a domestic oil exploration and production company. Rockdale focuses on new oil wells in established areas of oil production. The Company plans to use state of the art technology to maximize production and to identify areas with the greatest potential. The Company's core area of operations is in the Minerva-Rockdale Field in Rockdale, Texas, which produced over 7 million barrels of oil since its first wells were established in 1921. Rockdale's corporate offices are located in Austin, Texas.
This press release may contain forward-looking statements. Actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection in the forward-looking information.
Contact: Marc Spezialy, Rockdale Resources Corporation, 512-795-2300, info@rockdaleresources.com.
SOURCE Rockdale Resources Corporation
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