Bellwether Exploration Company Forms Office of the Chief Executive Under Leadership of New Chairman and CEO J.P. Bryan.HOUSTON--(BUSINESS WIRE)--Aug. 2, 1999-- J. Darby Darby, borough (1990 pop. 11,140), Delaware co., SE Pa., a suburb adjacent to Philadelphia; settled by Quakers 1682, inc. 1853. Although residential, it has some manufactures. One of the oldest settlements in the state, it retains many colonial landmarks. Sere and William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack C. Rankin to Leave Company Bellwether Bellwether A leading indicator of trends. Notes: A bellwether stock is a stock that is used to gauge the performance of the market in general. General Motors was an example of a bellwether stock, hence the saying "What's good for GM is good for America. Exploration Company (Nasdaq:BELW) announced today that its Board of Directors formed an Office of the Chief Executive to oversee the day-to-day running of the Company's operations, effective immediately. Directors J.P Bryan and Townes Pressler will constitute the Office of the Chief Executive. Mr. Bryan will serve as Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and, with Mr. Pressler, will be actively involved in the daily direction and operations of the Company until a new CEO can be found. Mr. J. Darby Sere, previously Chairman and CEO and William C. Rankin, previously Senior Vice President and Chief Financial Officer are leaving the Company to pursue other opportunities. The Company will immediately commence a search for a new Chief Financial Officer. "Bellwether's strategic direction is as clear to me today as it has been in any time in the Company's history," said Mr. Bryan. "Bellwether has the potential for significant growth in its core areas and will continue to focus on growth through acquisitions, one of the Company's strengths." "The Board joins me in saluting Darby Sere's accomplishments at Bellwether. He has played a significant role in the company's history," said Mr. Bryan. "We are actively pursuing opportunities to grow Bellwether while diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d seeking a new CEO who shares our vision and commitment to shareholder enhancement. In the interim, we will move decisively to take those actions that are necessary and prudent in our pursuit of increased shareholder value." Townes Pressler has been a board member since May of 1998 and is currently President of Tepee tepee or tipi (both: tē`pē), typical dwelling of Native North Americans living on the Great Plains. It was usually made by arranging tent poles into a conical frame and spreading skins, usually buffalo hide, tightly over Petroleum Company Inc. and Pressler Petroleum Consultants. In addition to his role as Chairman of the Executive Committee, Mr. Pressler serves on the Company's acquisition and Torch negotiation committees. Mr. Pressler has 38 years of experience in the oil and gas industry. The Company will hold a teleconference call Monday, Aug. 2, 1999 at 3 p.m. Eastern Standard Time. If you would like to participate, please call 212/896-6077. Bellwether Exploration Company (NASDAQ: BELW) is an independent oil and gas exploration and production Company headquartered in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the . Bellwether employs a balanced program of producing property acquisitions and technology-driven exploration and exploitation to increase its reserves, cash flow and net asset value. The Company's principal area of activity is the Texas/Louisiana Gulf Coast, both onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. and offshore. For more information about Bellwether's operations please visit the Company's web site at http://www.bellwetherexp.com. This news release includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurances that forecasted results will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein are referenced in the Company's annual report and current reports and registration statements filed with the Securities and Exchange Commission. |
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