Terra Resources, PLC Welcomes New Board Members

Mar 10, 2011, 01:00 ET from Terra Resources, PLC

FRANKFURT/Main, Germany, March 10, 2011 /PRNewswire/ -- Terra Resources, PLC, a London, UK based independent oil and gas company listed on the Frankfurt Stock Exchange under the trading symbol "T31" ("Terra Resources") announced expansion of its board, appointing Ambassador Jacques Berniere and Professor Bernard Reich as new directors.

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Principal of the French consultancy firm, JSB Opportunities, Jacques Berniere served as Ambassador and Diplomatic Advisor to the French government for over 35 years. Majority of his career, Jacques Berniere spent as France's Ambassador to Singapore, Brunei, Saudi Arabia, and Belgium. As a diplomat, he is known for actively supporting French oil companies.  He, subsequently, served as Secretary and Counselor representing France to the European Communities.  In this capacity, Ambassador Berniere negotiated free trade agreements between EU and the EFTA countries, as well as Spain, Greece, Turkey, Cyprus, and Malta.  Ambassador Berniere also served as advisor to the French Prime Minister's cabinet, responsible for European affairs, armament sales, public aid, international economic policies, and international affairs relating to France's energy program.  He was also in charge of budget and financial affairs with the Ministry of Foreign Affairs, and served as Chief Counselor with the French Embassy in Germany.  Jacques Berniere was appointed as France's Inspector General of the Ministry of Foreign Affairs. His other notable appointments included serving as diplomatic advisor to the French government, heading French delegation to ICAO, and serving as Ambassador to International Penal Court in the Hague.   In his post-diplomatic career, Ambassador Berniere devotes significant part of his consulting services to the oil and gas industry.

Ambassador Berniere is the recipient of the Great Cross in the Crown Order of Belgium, and 1st Category Distinction in the King Abdul Aziz Order of Saudi Arabia.  He is the Commander in the Order of Isabelle la Catholique, and the recipient of the German and Austrian Orders of Merit.  He is the Commander in the National Order of Merit and Officer in the Legion of Honour.  Ambassador Berniere is also a distinguished member of Societe d'Histoire Diplomatique.  He earned his LLM in Public Law from the University of Paris, after graduating from the Paris Institute for Political Studies, and the National School of Administration.  

Bernard Reich is Professor of Political Science and International Affairs, and former Chairman of the Department of Political Science at George Washington University in Washington, DC. He serves as advisor to various United States government agencies and multinational corporations on oil and energy policy. He is Chairman of Advanced Area Studies at the Department of State's Foreign Service Institute, and a member of faculty of the US Air Force Special Operations School and the Naval School of Health Sciences. He is the Marine Corps War College Chair of National Security Economic Affairs, an appointment he has held since 1996. A recipient of the Fulbright and National Science Foundation Fellowships, Professor Reich has testified before the House Committee on Foreign Affairs and the Senate Committee on Foreign Relations. He is a member of the International Institute for Strategic Studies and the Middle East Institute. Bernard Reich is the author of over 30 books, and numerous articles, chapters, and monographs on international politics, and United States foreign policy.

Bernard Reich's articles have appeared in numerous journals published in the United States and abroad.  Professor Reich has lectured on US foreign policy and related themes, political risk, and oil and energy issues for numerous US government agencies and schools, and for institutions in more than 50 other countries. He has been interviewed on radio and television extensively, and his interviews have been published in various languages and countries in Europe, Asia, Latin America, the Middle East and Africa. In addition to advising US government agencies, Bernard Reich has consulted multinational corporations on oil, chemicals, shipping, manufacturing, banking, investing, and insurance. Professor Reich has been involved in political risk analysis for international business in both the US and abroad, and has served since the inception of its service as the Senior Adviser for the Middle East and North Africa for Political Risk Services (formerly Frost & Sullivan) and as the International Representative of Stratecon Corporation in Washington, DC.   Professor Reich received his B.A. with Special Honors from the City College of New York in where he was elected to Phi Beta Kappa. He earned his M.A. and Ph.D. from the University of Virginia.  

Terra Resources board has a diverse range of knowledge, talent, and experience.  "We are pleased to welcome Ambassador Jacques Berniere and Professor Bernard Reich to the Board. Their extensive political and business acumen will be of great value to Terra Resources team," said Terra Resources' CEO and Director, Leonid Fradkin.

Terra Resources' other directors are Leonid Fradkin, Charles Salisbury, and Yuri Vanetik.  Mr. Fradkin is a Canadian Petroleum professional (P. Geoph. with APEGGA, member of AAPG) with 30 years of international executive experience in oil and gas, including former Soviet Union, and the Greater Caspian region. He served in various technical and top management positions, both with Canadian independent and public companies, and with majors, like Total, Fina, and Elf. He supervised several oil and gas transactions in Kazakhstan and Russia with a value over $1 Billion, including those between local and Chinese companies.  Mr. Fradkin earned his BS and MS degrees from University of Krasnodar, Russia, and University of Baku, Azerbaijan. Charles Salisbury, Terra Resources' director and secretary, is a finance and marketing executive, investor, author, and public speaker with over 40 years of business leadership experience.  He is the CEO of SC Marketing, Inc., a management advisory firm ("SCM"), he founded in 1995.  In the finance industry, Mr. Salisbury was an investment banking and brokerage executive with Shearson Lehman /American Express, Prudential Securities, and Smith Barney, holding NASD Series 1, 7, 63, MSSR Principal #53, real estate, life, and health insurance licenses.  Mr. Salisbury founded the World Basketball Association, becoming its main investor and president. He was the only American to ever own a Russian Basketball team.  Charles Salisbury holds an MBA from Hamilton University Business School. 

A private investor, Yuri Vanetik, serves on numerous corporate and non-profit boards.  In the past, Yuri Vanetik practiced corporate law with K&L Gates.  Yuri Vanetik received his B.A. in Legal Studies from UC Berkeley, graduating Summa Cum Laude and Phi Beta Kappa.   He earned his J.D. from UC Hastings, where he was the recipient of the coveted American Jurisprudence Award.  Mr. Vanetik actively leads and supports philanthropic, civic, and political organizations.  Mr. Vanetik was named Claremont Institute's Lincoln Fellow and appointed to the Homeland Security Council.  In 2007, Mr. Vanetik became Trustee for the Kennedy Center National Symphony.   In 2008, Governor Arnold Schwarzenegger appointed Mr. Vanetik to serve on the California Criminal Justice Council, and in 2010 Governor Schwarzenegger appointed Mr. Vanetik to the California Lottery Commission.  Mr. Vanetik serves on the Board of Directors of the American Red Cross, Miracles For Kids, Center For Global Change, and Gen-Next. He also serves on the Advisory board of University of California (Irvine) Center for Unconventional Security Affairs.  

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About Terra Resources, PLC Terra Resources acquired substantial oil and gas concessions in the North Caspian Region - Kalmykia, Russia.  The fields contain 64 wells, of which 62 were producing. The wells were capped and remained non-productive for many years because of previous low gas prices and technology that could not handle the volume produced by high pressure wells. With new skilled management and an experienced operator, Terra Resources plans to open the wells again, and secure transportation via newly built gas and oil pipeline. Of the 62 producing wells, 7 are listed as a "Super Giant" find based upon Subsalt exploration, outlined in the new 51-101 Competent Person's Report prepared by Chapman Petroleum Engineering, Ltd.  This report concludes with a "best case" reserve estimate of the concession value at $7 to $11 Billion, with an estimated $175 million development costs over the life of the reserves.  

Forward Looking Statements This press release contains forward-looking statements, which express the current beliefs and expectations of the management of Terra Resources, PLC.  Such statements are based on current expectations and are subject to risks and uncertainties, many of which are beyond our control, and could cause future results, performance, and achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements.  Actual results could differ materially depending on a number of factors, and we caution investors not to place undue reliance on the forward-looking statements contained in this press release.  These risks and uncertainties include, but are not limited to, economic conditions, the regulatory environment, loan concentrations, vendors, employees, technology, competition, and interest rates. Forward-looking statements speak only as of the date on which they are made and TERRA RESOURCES, PLC undertakes no obligation to update these forward-looking statements, even if new information becomes available in the future.


SOURCE Terra Resources, PLC