Oil and Gas Industry Dealmaker Roger Williams Appointed CEO of Wentworth Oil Sands; Williams to Lead Commercialization of Petro
06 Marzo 2006 - 7:33AM
Business Wire
Wentworth Energy, Inc. (OTCBB:WNWG) announced today that petroleum
engineer and attorney Roger Williams will assume the role of CEO of
Wentworth Oil Sands Inc. Wentworth Oil Sands is a joint venture
between Wentworth Energy and Petromax Technologies LLC to develop
international oil sands projects using the patented Petromax
hydrocarbon separation technology. "We have the potential to
revolutionize the Oil Sands industry," said Williams, who has
worked with the development and financing of major oil and gas
resources and infrastructure assets around the world. "In the face
of dwindling conventional oil and gas reserves, prudent development
of known Oil Sands deposits represents the single greatest
technical and environmental challenge facing the petroleum industry
for the next 25 years." Wentworth Oil Sands was formed to provide
economical and environmentally responsible solutions for maximizing
recovery of bitumen and heavy oil from Oil Sands. "The decades-old
technology and processes currently being employed by many Oil Sands
producers require staggering capital investments and produce
undesirable byproducts known as emulsified tailings," stated John
Punzo, Chairman and CEO of Wentworth Energy, Inc. Wentworth Oil
Sands plans to commercialize the proprietary Petromax technology
that will drastically reduce capital costs for recovering bitumen
and heavy oil from Oil Sands, as well as potentially eliminate
undesirable emulsified tailing waste streams. "The potential of the
Petromax process to make a significant impact in the oil sands
industry persuaded me to leave my international law practice,"
added Williams, who brings to Wentworth over 25 years of
professional engineering and senior legal experience with major
projects, including onshore and offshore Gulf of Mexico leases, the
Trans-Alaska Pipeline System, massive gas fields in Indonesia and
the Philippines, and large power plants developed in tandem with
upstream oil and gas projects. "With his background as a
professional engineer and a practicing attorney, and his wealth of
experience and contacts in the oil and gas sector, we are confident
that Roger will lead this important joint venture to success,"
added Punzo. Williams has managed numerous oil and gas transactions
including multi-million-dollar contracts, asset sale and purchase
agreements, and mergers and acquisitions. He also has extensive
industry experience working for over nine years as a lead engineer
for Exxon on several major upstream projects, including strategic
planning, financial analyses and reservoir development studies.
Roger Williams is leaving his successful law practice where for the
last four years he served as managing partner of Troutman Sanders
LLP's Hong Kong office. He has held various legal and petroleum
industry positions both as a practicing attorney and professional
engineer since 1979. Williams has degrees in petroleum and chemical
engineering, and received his law degree from the University of
Alabama in 1991. His legal career included practice with Skadden,
Arps, Slate, Meagher & Flom LLP in Washington, D.C., Hong Kong
and Singapore. About Wentworth Oil Sands Inc. Wentworth Oil Sands
is a joint venture between Wentworth Energy, Inc., and Petromax
Technologies LLC. Formed to develop oil sands projects, the joint
venture has exclusive rights to the Petromax hydrocarbon separation
technology for Oil Sands and several other specific commercial
applications including the marketing rights for Petromax in
emulsified Oil Sands tailings remediation, and further rights to
market the technology in Canada and the United States including use
in the stimulation of oil and gas wells, tank sludge cleaning
projects and oil pipeline transportation. About Petromax
Technologies LLC Petromax is the developer of a proprietary process
combining non-hazardous chemical formulations with shearing
technology that separates oil and other commodities of value from
inorganic material to which it adheres. This process has
application to international markets for oil sludge removal,
down-hole oil field stimulation, hazardous waste remediation (e.g.,
Mature Fine Tailings or "MFT"), and Oil Sands development. About
Wentworth Energy, Inc. Located in Forth Worth, Texas, Wentworth
Energy, Inc. is a diversified energy company focused on the
responsible development of America's natural resources while
driving to maximize shareholder value. Wentworth Energy will apply
innovative technologies toward the discovery and development of a
diverse portfolio of high-value, low-risk energy projects such as
the Company's opportunities in the Oil Sands of eastern Utah, the
prolific oil and gas fields of the Gulf Coast, and the East Texas
gas play. Wentworth Energy trades under the ticker symbol WNWG. For
more information on the Company visit www.wentworthenergy.com This
news release contains forward-looking statements that are subject
to certain risks and uncertainties that may cause actual results to
differ materially from those projected on the basis of such
forward-looking statements. Such forward-looking statements are
made based upon management's beliefs, as well as assumptions made
by, and information currently available to, management pursuant to
the "safe-harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Wentworth Energy, Inc. (OTC Bulletin
Board:WNWG)
Wentworth Energy (CE) (USOTC:WNWG)
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