Resaca Exploitation Inc Corporate Update (8536T)

TIDMRSOX

RNS Number : 8536T

Resaca Exploitation Inc

19 December 2012

 
 Embargoed for release at 7.00 am   19 DECEMBER 2012 
 

Resaca Exploitation, Inc.

("Resaca" or "the Company")

Corporate Update

Resaca (AIM:RSOX), the oil and natural gas production, exploitation, and development company focused on the Permian Basin in the USA, announces an update on certain corporate matters.

On 8 October 2012, the Company announced that it had engaged Albrecht & Associates, Inc. to market the sale the Company's Cooper Jal Unit and Langlie Jal Unit and that the Company anticipated closing on the sale of these properties by 31 December 2012. The Company now anticipates the closing would occur in early 2013. The Company will provide a further update on the sales process when more definitive information is available.

The Company also announces that Will Gray II, Executive Vice President and Head of Capital Markets and Business Development, has resigned his position with Resaca to pursue other interests. The sales process will now be handled by Resaca's existing management.

For further information please contact:

 
 Resaca Exploitation, Inc. 
 J.P. Bryan, Chairman and Chief Executive 
  Officer                                             [phone] 
 John J. ("Jay") Lendrum, III, Vice Chairman          [phone] 
 Dennis Hammond, President and Chief 
  Operating Officer                                   [phone] 
 Chris Work, Chief Financial Officer                  [phone] 
 
 Buchanan (Investor Relations)                    [phone] 
 Tim Thompson 
  Helen Chan 
  Ben Romney 
 
 finnCap Limited (Nomad and Broker)             + 44 (0) 20 7220 0500 
 Matt Goode, Corporate Finance 
  Christopher Raggett, Corporate Finance 
  Victoria Bates, Corporate Broking 
 

About Resaca

Resaca is an independent oil and gas development and production company based in Houston, Texas. Resaca is focused on the acquisition and exploitation of long-life oil and gas properties, utilizing a variety of primary, secondary and tertiary recovery techniques. Resaca's current properties are located in the Permian Basin of West Texas and Southeast New Mexico. Additional information is available at www.resacaexploitation.com.

In accordance with the AIM Rules, the information in this announcement has been reviewed and approved by Dennis Hammond, President. Mr. Hammond has a Bachelor of Science degree in Petroleum Engineering, is a registered professional engineer in the State of Texas, and has over 30 years relevant experience within the sector.

This information is provided by RNS

The company news service from the London Stock Exchange

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