Arcland Energy Corporation, an independent oil and gas company, is pleased to announce the increase of members constituting the Board of Directors from five to seven where the majority is Independent. Subsequently, the Board filled one of the vacancies created by virtue of the expansion by appointing Bruce Hall as an Independent director on September 18, 2008. Hall has extensive experience in energy, consulting, public accounting and other industries. His areas of expertise include: SEC reporting and Sarbanes-Oxley compliance, Divestitures and Joint Ventures, Investor and Institutional Relations, Mergers & Acquisitions, Equity and Debt Placements, Strategic Planning and Implementation. Mr. Hall is a licensed CPA in the State of Texas, a licensed Certified Management Accountant (CMA) and is a graduate of the University of Texas at Austin.
Additionally, the company announces the approval of a 1 for 10 reverse stock split. The primary purposes is to increase the per share price of its common stock and to provide flexibility for acquisitions and Institutional financing. Management believes the company is likely to meet all of the quantitative requirements for listing in other higher US exchanges.
As part of the Company's Strategic Plan, Arcland will continue focusing on acquisitions in the West Texas area, an emphasis that will contribute to the near-term goal to achieve higher production levels and more proven reserves. Additionally, it plans to evaluate potential acquisitions of exploration licenses in Australia, Alaska and South America and actively participate in their upcoming bidding rounds. The focus of Arcland's present activities is the successful development of its Texas assets together with the search for other domestic and international acquisition and development projects, which will provide the opportunity to contribute to share value and net income. As part of our plans for growth, and concurrent with third party exploration activities in these areas, Management will be investigating other upstream oil and gas opportunities that fit the Company's investment criteria emphasizing enhancement of asset portfolio and shareholder value by originating, developing and managing balanced, low risk and highly focused developmental drilling projects in areas with low drilling costs and high success rates.
Mr. Bryan Bulloch, President and Chief Financial Officer, stated, "We are extremely excited about the knowledge and expertise of our Board with the addition of Mr. Hall and I am proud that we are able to bring in this caliber of industry focus and leadership for our shareholders. We are committed to meet operational and financial objectives and achieve high performance at all levels by developing and building up distinctive capabilities that will enhance the company's value creation and find further opportunities for business growth."
