HOUSTON, TX--(Marketwired - March 07, 2015) - Rockdale Resources Corporation (BBLS) (the "Rockdale") today announced that David N. Baker has stepped down as Chief Executive Officer and from our board of directors, effective February 28. As a result, Leo Womack has been elected to succeed Mr. Baker as Chairman of the Board and Zel C. Khan appointed CEO and President of the Company. Mr. Khan's appointment was made with the expectation of Rockdale entering into a definitive agreement with Jovian Resources, LLC ("Jovian") to acquire a 25% Working Interest in an existing operating field Jovian owns in Creek County, Oklahoma in exchange for new securities to be issued by Rockdale.
"Our job now is to maximize production with an operating system that maintains low lift costs, thus creating value for our shareholders despite the suppressed oil price. We have a good pulse on the properties and have a program in place to increase cashflow," said Mr. Khan.
Mr. Khan is an oil field operator with over 20 years of experience in the Oil and Gas industry. He has successfully operated, both on and offshore, in Texas, Oklahoma, New Mexico and California. He has established a reputation for reducing operating costs on various projects, including a former ConocoPhillips offshore facility located in deep water Gulf of Mexico. Mr. Khan holds an MBA from Chapman University, California.
About Jovian Resources, LLC
Jovian Resources, LLC, is a private oil re-exploration and production company. The Company focuses on existing oil wells in established areas of oil production, while implementing new techniques to maximize the production of existing reservoirs at low lift costs.
About Rockdale Resources Corporation
Rockdale Resources Corporation is a domestic oil exploration and production company. The Company focuses on new oil wells in established areas of oil production. The Company uses state of the art technology to maximize production and to identify areas with the greatest potential. The Company's core area of operations have been in the Minerva-Rockdale Field near Rockdale, Texas, which has produced over 7 million barrels of oil since its first wells were established in 1921. The Company's corporate offices are located in Houston, Texas.
Forward-looking Statements
Certain information in this press release constitutes forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements regarding well production, use of proceeds, future drilling, operating expenses, and additional funding. Any statement that does not contain a historical fact may be deemed to be a forward-looking statement. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," or "continue," the negative of such terms, or other comparable terminology, although not all forward-looking statements contain such identifying words.