KRFG King Resources Inc (PK)

King Resources, Inc. (OTC: KING) announced that its Board of Directors has elected Michael Wright to the position of President. D. James Fajack will continue as Chairman and CEO/CFO. Mr. Wright, 50, has a Bachelor of Science degree in Geophysics from the University of Texas and a Master of Science degree in Environmental Management from the University of San Francisco. Mr. Wright is a founder and owner of ROKEN Engineering Services ("ROKEN"), a multidisciplinary consulting firm providing technical and professional services that effectively address environmental and construction concerns. ROKEN is headquartered in California with regional offices in Texas and Colorado. Mr. Wright will relocate to Austin, Texas to fill the KING Presidency, and will retain his ownership of ROKEN, which will be managed by senior partners of the firm. Mr. Wright's work experience in the oil and gas industry includes working as a geophysicist for both Centex Oil and Gas and Texas Oil & Gas (TXO). While at Centex, Mr. Wright worked under both Norris Harris, founder and controlling shareholder of KING, and C. Douglas Smith, King's VP for Exploration and Production. D. James Fajack, Chairman stated; "Mike came highly recommended by both Norris and Doug for his bright energetic work ethic, and managerial expertise. In this unprecedented time of opportunity in the oil and gas industry, a major concern to all companies is a responsibility to the environment. Mr. Wright's professional background is a perfect match for KING, as we aggressively penetrate the oil and gas industry." Mr. Wright said; "After spending quite a few years as founder and manager of a very successful environmental company, I could not be more honored to have been asked to rejoin my mentors, Norris Harris and Doug Smith, the original founder and exploration architects of the very successful former NYSE company, Centex Oil and Gas. I have spent quite some time reviewing King's exciting prospects, both current and prospective, and quickly came to the decision that a unique and potentially very profitable ground floor opportunity exists at KING. The chance of working with some of the most successful oil finders over the past fifty years was something I could not turn down." About King Resources King resources is a development stage Oil and Gas Exploration and Production Company with a bias toward high risk, high reward "wildcatting". Its three senior members of Management have over 130 years Oil and Gas experience. These three members have each held senior management positions, including CEO positions in one NYSE Company, one AMEX Company, CFO positions in two NYSE and one NASDAQ companies and exploration & production management in two NYSE companies. Existing major assets owned include: 170,000 linear miles of 2D Seismic along with over 1,000 old well data packages in Texas, Louisiana, and Mississippi. A 100% working interest in approximately 2,700 acres in the Fayette Field, Jefferson County, Mississippi; A Joint Venture agreement under which it acquired a 50% interest with Carpathian Energy Companie Petroliera, SRL, in the Calinesti Field Southwest of Bucharest, Romania which encompasses approximately 189,000 acres; and, a 50% working interest in 10,000 acres offshore Gulf of Mexico, Vermillion Blocks 112 and 113 approximately 30 miles off the coast of Louisiana. King's team has extensive offshore exploration experience in drilling, designing production platforms and production. King's team has evaluated and developed projects in the Gulf of Mexico, the North Sea, offshore Nigeria, and other areas overseas as well as domestically. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward-looking matters discussed in this news release are subject to certain risks and uncertainties in the Oil and Gas industry which could cause the Company's actual results and financial condition to differ materially from those anticipated by the forward-looking statements including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, uncertainties related to corporate partners or third-parties, competition, and the early stage of exploration and development, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. King Resources can be contacted by calling Foster Hagen of Investor Relations at 512-334-6500, or Investor Relations at investorrelations@kingresources.net, or www.kingresources.net