Capital Reserve Canada Ltd. (OTCBB: CRSVF) (the “Corporation”) and its Chairman, Mr. Donald Getty, are pleased to announce that Mr. Rocky Dale Rombs has been appointed as Director, President and Chief Executive Officer of the Corporation.
Mr. Rombs has over thirty (30) years experience with developing properties in the oil and gas industry. He has extensive experience in the drilling sector, both domestic and international. In 1981, Mr. Rombs was instrumental in drilling the first two 14 foot diameter exploratory wells in Fort McMurray, Alberta Canada. He was involved in the development of oil and gas fields in the Ukraine and Russia as well as with the horizontal drilling program in Iran. He also assisted with fighting oilfield fires in Kuwait. Mr. Rombs became Director and President of the Corporation’s wholly-owned subsidiary, Two Hills Environmental, Inc. on March 1, 2007.
Mr. Donald Getty, Chairman of the Board, stated: “We are very pleased to have Rocky taking over as President and CEO. His experience in the oil and gas sector includes many successes and spans over 30 years. He is well suited to bringing the Two Hills Project into operation.”
The Corporation is pleased to report that significant progress is being made on the advancement of the Two Hills Project. Within weeks the final testing of the pumping station will be complete and water pumping will commence, which will fulfill the requirements set out by the Alberta Energy Board. Mr. Rombs will be moving equipment and staff to the site to perform cleanup of the old site, locate and mark location of 3 suspended wells, check for casing sizes and well head flanges. Staff will also be preparing for reentry of these existing wells and if need be also drill new additional wells.
The Two Hills Project is well positioned to become one of western Canada’s leading salt cavern disposal/storage facilities. The site is strategically located in northeastern Alberta within the oil & gas belt spanning from Edmonton to Fort McMurray, the site of Canada’s present oil sands boom. The project includes major existing infrastructure such as a water diversion canal leading from the North Saskatchewan River, a pumping station and several large salt caverns.
Profile
The Corporation is an oil and gas services company based in Edmonton, Alberta. Through its wholly owned subsidiary, KCP Innovative Services, Inc., CRC offers technologically advanced tools for use in four areas of the industry. The first aids in testing and development of newly found resources; another measure existing wells’ productivity; and the third hastens well abandonment, ensuring compliance with regulatory emission guidelines. The fourth, through its proprietary hardware and software technologies, is used to determine the profitability of coal bed methane deposits, which may be developed and sold as natural gas. CRC has a second wholly owned subsidiary, Two Hills Environmental, to assist with problem waste from oil & gas companies, and provide underground storage.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release regarding CRC’s business that are not historical facts are “forward looking statements” that involve risks and uncertainties. CRC wishes to caution readers not to place undue reliance on such forward looking statements and therefore speak only as of the date made. Investors are cautioned that all forward looking statements involve risks and uncertainties, including, but not limited to, those discussed in CRC’s Annual Report on Form 20-F for the period ended December 31st, 2006.
Contacts:
Investor Relations
L.
Jacobson, 780-428-6026
crsvf@telus.net
http://www.capitalreservecanada.com
