Southwest Resources, Inc. Announces Filing of Initial Company Information and Disclosure Statement; Files Annual Report

DALLAS, Feb. 26 /PRNewswire-FirstCall/ -- Southwest Resources, Inc. (Pink Sheets: SWRS) (the "Company") an energy and mining company engaged in the acquisition, development, exploration and production of natural gas, crude oil, placer deposits of precious metals and other income-producing natural resources, today announced that it has filed its initial company information and disclosure statement, in addition to its annual report. The Company also announced it is conducting a search for a permanent chief executive officer.  

On February 25 Southwest Resources filed its initial company information and disclosure statement, and its annual report with Pink Sheets.  Once reviewed, the Company anticipates these filings, and the information contained therein, will allow the stock to be moved to the Pink Sheets' highest tier, "Current Information."  

A Pink Sheets status of "Current Information" would indicate that Southwest Resources makes its current information publicly available through the OTC Disclosure and News Service pursuant to the Pink OTC Markets Manual: Guidelines for Providing Adequate Current Information.

Southwest Resources interim CEO, Dennis McLaughlin, stated, "We have been working arduously over recent months to fine-tune the Company's focus; our recent filings should provide investors with a solid understanding of the Company's renewed focus and mission.  We are pleased to provide this improved level of transparency to our investors, and look forward to maintaining such communications with our shareholders in the future.  

"The next few months will be crucial as we execute against our business plan and ensure the proper leadership is in place to allow us to successfully do so.  We will be conducting an extensive search for our new chief executive officer, as we seek an individual with the background and industry expertise essential for success."

The Company disclosed in its recent filings that going forward it will be centering its business strategy in two primary areas: the exploration, acquisition, and production of oil and natural gas properties in the southwestern United States and the extraction of precious metals in southeastern Utah.

Southwest Resources is currently pursuing several oil and gas projects in the southwest United States and intends to acquire oil and gas wells with the intent to work over and recomplete existing properties.  The Company's management believes that current economic conditions dictate a low cost of operations for all facets of exploration, which creates opportunities for the development of these existing properties.  While the Company plans to acquire both oil and gas wells, the Company plans to focus its efforts on the natural gas opportunities in its acquisitions.  The Company believes that market forces are setting the stage for price recovery in 2010 and into 2011 for natural gas, and the Company believes it will be well positioned to capture these favorable circumstances.  Through its wholly owned and controlled subsidiary Duke Mining LLC, Southwest Resources has the mining rights to three separate 640 acre tracts of land in the state of Utah with significant placer deposits of precious metals.

The Company also provided additional detail on its current management and board structure:

Dennis McLaughlin, interim chief executive officer - Mr. McLaughlin has served as chairman of Evolution Fuels, Inc. (Pink Sheets: EVFN) since September of 2005, and as CEO from February of 2006.  He has been the chief executive officer, president and a director of Evolution Resources, Inc. (OTC Bulletin Board: EVLN) since May 2009.  He has held multiple high-ranking executive positions at various public and private companies over the years, including: CEO and chairman of Blue Wireless & Data, Inc., CEO and co-chairman of Ocean Resources, Inc., founder, CEO and chairman of Aurion Technologies, LLC, and founder and CEO of Aurora Natural Gas, LLC.  Prior to starting his own companies, Mr. McLaughlin worked as a manager of marketing and transportation for Highland Energy from 1991 to 1993, and prior worked as a gas marketing representative for Clinton Natural Gas from 1990 to 1991.  Mr. McLaughlin received a bachelor of economics degree from the University of Oklahoma in 1992.

Ben Campbell, president of Duke Mining, LLC – Mr. Campbell has over 40 years of experience in discovering and producing natural resources.  His career has included geologic evaluation, drilling for oil and gas, production and delivery of mineral products, product marketing, engineering evaluations and equipment manufacturing.  He has served in many management positions within the petroleum industry, including CEO and chairman of two public oil and gas companies and president of a drilling rig manufacturing company.  Mr. Campbell holds a degree from Texas A&M University.

Sonny Boyles, Director - Mr. Boyles brings over 45 years of experience in entrepreneurial company start-ups and is a turnaround specialist in multiple industries, including the oil and gas industry.  Mr. Boyles has been an owner and/or operator of many companies in all fields of the oil and gas industry.

David Farmer, Director - Mr. Farmer has served as chief financial officer of Evolution Fuels, Inc. since September 2009.  Prior to joining Evolution Fuels, Mr. Farmer performed consulting services for various public companies and banks.  These services included work performed for the companies within the Evolution group of companies.  From 2003 to 2007, Mr. Farmer was president of a bank he co-founded in the Dallas area.  Prior to 2007, Mr. Farmer was president of various financial institutions in the Dallas area.  Mr. Farmer received his bachelor degree in business administration from the University of Missouri in 1974.  He was previously a licensed CPA, but currently is not licensed in the state of Texas.  

Kevin N. Fosty, Director - Mr. Fosty currently serves as chief financial officer of Evolution Resources, Inc., a role he has held since January of 2010.  Mr. Fosty has over 10 years of energy industry experience, primarily in the areas of exploration and production, midstream, oilfield services and natural gas pipelines.  Prior to joining Evolution Resources, he served as managing director at FTI Consulting in Dallas, in the Transaction Advisory Services group where he lead transaction advisory services and financial consulting projects for private equity buyers and large strategic clients, including energy companies.  Prior to that, Mr. Fosty was employed at Deloitte & Touche LLP in Dallas, where he managed merger and acquisition projects.  From 2003 to 2006 he was employed at KPMG LLP in Dallas as an audit manager in the Audit & Advisory Services practice.  Mr. Fosty received his bachelor of commerce degree from the University of Manitoba in 1998, and currently is a licensed CPA in the state of Texas.

About Southwest Resources, Inc.

Southwest Resources, Inc. is an energy and mining company engaged in the acquisition, development, exploration and production of natural gas, crude oil, placer deposits of precious metals and other income-producing natural resources. The Company is currently pursuing oil and gas properties in Texas, Oklahoma, New Mexico and Arizona and has mining rights in Utah.  For more information, please visit: www.southwest-resources.com.  

Forward-Looking Statements Disclosure

This press release may contain "forward-looking statements" within the meaning of the federal securities laws.  In this context, forward-looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will," and other terms with similar meaning.  These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct.  In connection with the "safe harbor" provisions of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, important factors that, among others, could cause or result in actual results and experience to differ materially from the Company's anticipated results, projections, or other expectations are disclosed in the Company's filings with the Securities and Exchange Commission.  All forward-looking statements in this press release are expressly qualified by such cautionary statements, risks, and uncertainties, and by reference to the underlying assumptions.

SOURCE Southwest Resources, Inc.