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Item
5.02
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Departure
of Directors or Principal Officers; Election of Directors; Appointment of
Principal Officers
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On June
20, 2008, John L. Ogden resigned as President of our company and was appointed
as Chairman of our Company. As a result, we appointed J. David
LaPrade as our President and as a member of our board of directors.
J.
David LaPrade
J. David
LaPrade has over 27 years experience in the oil and gas
industry. Since 1990 he has been actively involved in the development
and commercialization of Ultra-Short Radius Drilling (USRD), planning and
executing more than 200 USRD wells in the US, Oman, India and
Turkey. In 2000 he moved to Oman to manage the first USRD contract
outside of the US.
Mr.
LaPrade has published numerous articles concerning USRD and spoken before dozens
of organizations worldwide concerning its application. Since 2005 Mr.
LaPrade was general manager of Well-Flow Drilling Services based in Mumbai
India. Prior to this he was an owner and officer in Direxco (1992-94),
Horizontal Ventures, Inc. (1994-98) and Torch Drilling Services and Torch
International (1998-2004). Prior to his involvement in USRD
technology he owned and operated oil and gas properties in Texas, Oklahoma and
Kansas which comprised more than 100 wells and owned non-operated interests in
more than 220 wells in the Mid-Continent region of the US.
In
addition to his horizontal drilling experience, Mr. LaPrade has been involved in
the drilling of numerous conventional wells, operations of a gas gathering
system and processing plant and day to day field operations including remedial
workovers and well maintenance. Mr. LaPrade holds a Bachelor of
Science Degree in Business Administration from Southern Methodist University in
Dallas, Texas.
Family
Relationships
There are
no family relationships with J. David LaPrade or any of our other directors and
officers.
Certain
Related Transactions and Relationships
We have
not been a party to any transaction, proposed transaction, or series of
transactions in which the amount involved exceeds $60,000, and in which, to our
knowledge, J. David LaPrade has had or will have a direct or indirect material
interest.
