Armada Oil Inc (fka AOILQ)

[Timothy Smith]

Photo Release -- Armada Oil, Inc. Adds Eric Wold, CFA, Veteran Equity Analyst, to Board of Directors

Company Aggressively Bolsters Board as it Seeks to Leverage Strategic Niobrara Acreage

May 31, 2012 8:30:00 AM
2012 GlobeNewswire, Inc.

HOUSTON, May 31, 2012 (GLOBE NEWSWIRE) -- Armada Oil, Inc. (AOIL.OB), an emerging independent oil and gas company, is pleased to announce the appointment of veteran equity analyst Eric Wold, CFA, to its Board of Directors, effective immediately. Today's announcement follows the addition of Rhonda B. Rosen as Chief Financial Officer and two appointments to the Board of Directors: Kenneth T. Hern, former President of Texaco Saudi, and finance industry veteran Will E.D. Matthews.

Armada Oil, Inc. (AOIL.OB) Appoints Eric Wold, CFA, to its Board of Directors

A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=13086

"Eric's addition supports the continual maturation of our Board and management team," explained Mr. James C. Cerna, President and CEO of Armada Oil, Inc. "Having worked alongside Eric in my previous capacity as CEO of Lucas Energy, where he concurrently served on the Board, I've seen first-hand his depth of knowledge with research coverage, public company strategy and ability to identify and capitalize on early trends in the capital markets."

Mr. Wold joins Armada following its merger with NDB Energy, Inc., a partnership that enabled the Company to "leapfrog into an acreage position in an up and coming play" in the Niobrara, according to Rigzone.com, a leading industry-centric online publication. Armada's Niobrara project includes more than 25,000 acres in Carbon County, Wyoming near existing infrastructure. Armada has acquired 1,280 acres to date, engineering data, 2-D seismic with an option to purchase an additional 23,700+ acres.

Armada CEO James Cerna added, "Our near-term development plans include a 3-D seismic shoot of the area in the upcoming fall season and drilling two test wells by year-end. Of course, we also plan to seek strategic investors and partners, identify divestiture and acquisition opportunities and pursue a more senior listing for the company; the kinds of initiatives where I'm confident we can leverage Eric's expertise."

Mr. Wold previously served on the Board of Directors of Lucas Energy (AMEX:LEI), a publicly held company within the oil and energy sector from 2005-2009. He is currently a Senior Analyst with B. Riley & Co., a leading full-service investment bank, where he has more than 18 years of buy-side and sell-side equity research experience, reporting on a dozen companies in the Internet and Media and Entertainment sectors with market caps between $50 Million and $6 billion, including Tivo, Inc., Netflix, Inc. and Coinstar, Inc.

Previously, Mr. Wold held the position of Managing Director, Equity Research at the investment banking firm Merriman Capital, Inc., where he covered the Branded Global Consumer and Media Groups. He was also Director of Corporate Finance with NightFire Software, a privately held telecommunications software company based in Oakland, California. At First Security Van Kasper, he served as Vice President and Senior Research Analyst, where he was responsible for the Restaurant and Branded Consumer sectors.

Mr. Wold began his career on the buy-side with research analyst positions with both Polynous Capital Management (a hedge fund that he co-founded in 1996) and GT Global Financial Services. He received his Chartered Financial Analyst (CFA) designation in 1997 and a bachelor's degree in Finance from the University of California at Berkeley.

About Armada Oil, Inc. (www.ndbenergyinc.com)

Houston, Texas-based Armada Oil, Inc. (AOIL.OB) is an independent oil and gas company focused on discovering, acquiring and developing multiple objective onshore oil and natural gas resources in prolific and productive geological formations in North America. Armada holds strategic acreage positions in an around the Laramie and Hanna Basins in Southern Wyoming that includes a contiguous 25,000+ acre site near existing infrastructure in the liquids-rich Niobrara formation and a footprint in the Eagle Ford shale play in Texas. For more information, please visit www.ndbenergyinc.com.