Stealth Ventures Ltd. appoints Subra Subramaniam as Chairman & CEO, and appoints Sam Charanek as Advisor to the Board of Directo
February 07 2011 - 9:42AM
PR Newswire (Canada)
CALGARY, Feb. 4 /CNW/ -- SLV TSX Venture CALGARY, Feb. 4 /CNW/ -
Stealth Ventures Ltd. ("Stealth" or the "Company") [TSX.V: SLV] is
pleased to announce that Mr. Subra Subramaniam is assuming the
position of Executive Chairman and Chief Executive Officer
effective immediately. Mr. Subramaniam joined the board in January
2010 and has been the Executive Chairman and Managing Director
since June 2010. He has been instrumental in the transformation of
the Company from a Canadian domestic player, into the International
arena, specifically India and South East Asia. He has spear-headed
the efforts of the Company to leverage the Companies strengths in
the unconventional hydrocarbon resource development into the
International market, with the continued movement of Stealth into
these regions. Mr. Subramaniam is a successful and well established
business executive and entrepreneur specialized in international
business in the oil and gas industry with a market focus on Asia
and with specific expertise on India. His wide industry expertise
ranges from strategic planning, establishment of strategic
partnerships/joint ventures, business development, government
relations, operations management and general management, with
proven experience and expertise in the upstream oil and gas
business. He is also well-versed with the nuances of the mid-stream
and down-stream activities of the oil industry. Mr. Subramaniam has
a proven track record of having established and managed
successfully various start-up operations, and in identifying and
implementing growth oriented projects and activities, and is a
welcome leader to Stealth's efforts in the International
marketplace. Mr. Subramaniam is a Commerce Graduate with Honors
from the University of Delhi in India and has over 26 years'
experience in the Indian oil and gas marketplace. Mr. Subramaniam
started his career with Griffin Alexander Drilling Company (GADC),
of Houston, Texas, USA during the start-up of its India operations.
He aided in strategic bidding to solidify long-term offshore
drilling contracts and was instrumental in forming an alliance and
establishing a joint venture for GADC in India, which today is the
largest drilling company in India, which trades on the Mumbai Stock
Exchange as Aban Offshore. Mr. Subramaniam later secured contracts
through bids and brought in 2 onshore drilling rigs for HEG
Limited, of Delhi, India, and managed the complete start-up
operations for the Oil Division of that company. Mr. Subramaniam
later joined Lloyds Steel Industries Ltd., of Bombay, India. He
secured 2 drilling contracts with the National Oil Company in
India, for an onshore and an offshore drilling rig, for Lloyds
Steel. His mandate in the Company was for managing the complete
start-up operations for its newly established Oil & Gas
Division. Later in his career he moved to the E&P side where he
negotiated, finalized and established a Production Sharing Contract
(PSC) with the Government of India for a producing oil and gas
field for Command Petroleum Holdings NL (Command), of Sydney,
Australia, which was the first PSC ever signed by the Government of
India with a Foreign Entity for proven oil and gas fields in India.
As part of the management team for Command, he was one of the leads
in completing a USD 250 million oil field development program in
India, within budget and ahead of schedule. Command was later
merged with Cairn Energy PLC (Cairn), of Edinburgh, Scotland, UK
where Mr. Subramaniam bid, negotiated and secured 8 PSCs with the
Government of India for oil and gas exploration in India. He was
one of the persons in senior management during multiple oil and gas
discoveries by Cairn in India and Bangladesh, and in the operations
and development of these discoveries, over a period of 8 years.
Following Cairn, Mr. Subramaniam was the lead person in
negotiating, securing and establishing 2 PSCs with the Government
of India, for Canoro Resources Ltd (Canoro), of Calgary, Canada. As
the Country Manager and as part of the Canoro team, he was
instrumental in negotiating and procuring additional participating
interests to consolidate and increase Canoro's oil and gas acreage
in India. Mr. Subramaniam then concentrated his efforts on
entrepreneurial endeavours and established and ran his privately
owned company, where he was a key person of a team that negotiated
a Government to Government alliance between the Government of
Alberta and the Government of India, through The Alberta Research
Council, of Calgary, Canada for the establishment of a Data
Repository and the formulation of a policy for continuous rounds of
bidding for oil and gas acreage in India. He later negotiated and
secured a multimillion dollar contract for MEG Worley, of Calgary,
Canada for a FEED study for the largest onshore oil and gas
discovery in India, in addition to negotiating and finalizing 4
Joint Venture projects for the bidding for acreages offered by the
Government of India for Pan Orient Energy Corp., of Calgary,
Canada. Mr. Subramaniam's proven track record will aid Stealth in
the development of its technology, expertise and experience in the
international marketplace, and more specifically within India and
S. E. Asia, for conventional and unconventional Gas and tight
reservoir exploration and development. Stealth is also pleased to
announce the appointment of Mr. Sam Charanek as Advisor to the
Board of Directors. Mr. Charanek, will be a valuable add in
assisting the company with his experience and successful track
record in the international Oil and Gas sector. Mr. Charanek brings
over 12 years of experience in Corporate Finance and Planning and
has been instrumental in the creation of several companies
including, Pan Orient Energy, Canacol, Petrodorado, Excelsior
Energy, Sagres Energy and Mena Hydrocarbons, to name a few. Mr.
Subramaniam, on his role as CEO commented "I am delighted to
spearhead the efforts of the Company into making it a successful
and dominant international player, as we continue to focus our
efforts in India and S. E. Asia by implementing Stealth's ambitious
growth plans, by way of conventional and unconventional oil &
gas exploration and production. We are at the threshold of
identifying specific project opportunities and acquisitions, by way
of strategic arrangements, to add value to the existing projects,
by applying proven techniques for identifying and recovering
hydrocarbons from unconventional geological resource plays. We plan
to fast-track these ongoing efforts in India and other
jurisdictions of S. E. Asia, where we have historical expertise and
successes." Mr. Derek Krivak has submitted his resignation as the
President & CEO and from the Board of Directors. The Board
appreciates the excellent and arduous service rendered by Mr.
Krivak over the last 5 years, from being the head of operations to
being the CEO of the Company. He will continue his association with
the Company as an Adviser and may be called upon for assistance
from time to time. The Board wishes Mr. Krivak with the very best
of everything and continued successes in his future endeavors.
Stealth Ventures Ltd. is a Calgary-based junior oil and gas company
whose expertise and focus is on "unconventional" gas reserves from
shale gas, CBM, and tight gas sand reservoirs. We seek Safe Harbor.
STEALTH VENTURES LTD. "Roger Harman" Per: ROGER HARMAN Chief
financial Officer Forward Looking Statements: This News Release may
contain forward-looking statements based on assumptions and
judgments of management regarding future events or results that may
prove to be inaccurate as a result of exploration and other risk
factors beyond its control, and actual results may differ
materially from the expected results. NEITHER THE TSX VENTURE
EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS
DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
THIS NEWS RELEASE MAY CONTAIN FORWARD-LOOKING INFORMATION. ACTUAL
FUTURE RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTEMPLATED. To
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pbSubra Subramaniam/bbr/ Tel: 403-514-9998br/ Fax: 403-514-9995/p
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