Hydrocarb Energy Corporation Enhances Management Team with the Appointment of Mr. K. Andrew Lai as Chief Financial Officer
HOUSTON, Jan. 12, 2016 /PRNewswire/ -- Hydrocarb Energy Corporation (OTCQB: HECC) today announced that Mr. K. Andrew Lai has joined the Company's executive management team as its new Chief Financial Officer. A Current Report on Form 8-K was filed yesterday regarding this appointment and we encourage investors to review that filing.
When asked to comment, Mr. Lai said, "I see Hydrocarb as a platform for serious expansion. It seems to be very good timing to take advantage of the low costs currently in the industry to set up the Company properly for extraordinary growth going forward."
The Company's Chairman, Kent P. Watts stated, "We are happy and excited that Andrew has joined our team. He brings critical experience and financial background to greatly enhance all aspects of the financial management of Hydrocarb. As a licensed attorney we expect he will add to our efforts for ever stronger and more effective corporate governance." Mr. Watts went on to say, "We also feel that his long standing relationships with Far East based investors could prove to be a good match together with the Company's plan to explore for world class oil and gas reserves in Africa, beginning with our approximate 21,000 square kilometer concession in Namibia."
About K Andrew Lai, Chief Financial Officer
Mr. Lai has over 28 years of corporate and financial experience primarily in the exploration and production sector of the oil and gas energy industry, with specialization in the finance, accounting, legal and administrative functions. From January 2013 to December 2015, Mr. Lai was an international financial consultant working mainly with oil and gas and real estate investors from China. From January 2011 to December 2012, Mr. Lai was the Chief Financial Officer of Lucas Energy, Inc. in Houston, Texas. From May 2010 to December 2010, Mr. Lai was an international business consultant. From October 2007 to April 2010, Mr. Lai served as Chief Financial Officer with Far East Energy Corporation in Houston. Mr. Lai joined Far East in 2007 and served as a member of Far East's management team until his appointment as Chief Financial Officer. From 1999 to 2007, Mr. Lai held various managerial positions with EOG Resources, Inc., in Houston, including Financial Reporting Director and International Accounting Director. From 1987 to 1998, Mr. Lai held various positions with UMC Petroleum Corp. (which subsequently merged into Devon Energy). Mr. Lai received from the University of Houston his Bachelor of Business Administration in 1987, his Master of Business Administration in 1991, and his Juris Doctorate in 2004. Mr. Lai is a Texas attorney and certified public accountant.
About Hydrocarb: Hydrocarb Energy Corporation is a publicly-traded Domestic and International Energy Exploration and Production Company targeting major under-explored oil and gas projects in emerging, highly prospective regions of the world. With exploration concessions in Africa and domestic production in Galveston Bay, we maintain offices in Houston, Texas, and Windhoek, Namibia.
For further information: www.hydrocarb.com.
This news release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations, opinion, belief or forecasts of future events and performance. A statement identified by the use of forward looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. Forward-looking statements are subject to risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause the Company to delay or suspend planned drilling operations or reduce production levels; risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.
Kent P. Watts, CEO
800 Gessner, Suite 375
Houston, Texas 77024
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SOURCE Hydrocarb Energy Corporation