Cotton Valley Files 8-K.DALLAS--(BUSINESS WIRE)--Aug. 5, 1998--Cotton Valley Resources Corporation (AMEX AMEX See: American Stock Exchange :KTN Ktn Kaernten (German: Carinthia; Austria Europe) KTN Knowledge Transfer Network KTN Kenya Television Network KTN Kawish Television Network (Pakistan) )(CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. :CVZC) today filed a Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. with the Securities and Exchange Commission naming Lane Gorman Trubitt L.L.P. of Dallas as its new independent auditing firm. Lane Gorman Trubitt, a Southwestern United States-based regional firm with energy industry expertise has been serving as the accountants and tax advisors for Aspen Energy Corporation which was acquired by Cotton Valley last year. Further, Leon Romero Leon Constantine Romero (born 29 December, 1974 in New York, United States of America) is an American cricketer. He played nine first-class cricket matches for Trinidad and Tobago from 1998-99 to 2000-01. , formerly President of Aspen Energy and newly appointed Chief Financial Officer for Cotton Valley, has worked closely with Lane Gorman Trubitt. In another move, Cotton Valley named Mr. Malcolm Bennett its Controller and Chief Accounting Officer. Mr. Bennett, a 40-year veteran oil and gas accounting manager and controller with experience at General American Oil and Phillips Petroleum Company Phillips Petroleum Company was founded in 1917 by L.E. Phillips and Frank Phillips, of Bartlesville, Oklahoma. Their younger brother, Waite Phillips was the benefactor of Philmont Scout Ranch. Phillips Petroleum was headquartered in Bartlesville, Oklahoma. , was retained several months ago to review and upgrade Cotton Valley's accounting systems and procedures. Mostof this workhas been completed. Mr. Bennett's primary function going forward will be to assure quality and more timely reporting and record keeping. Separately, Cotton Valley announced today it expects to restate its financial statements for the nine-month period ended March 31, 1998, because of adjustments to first and second quarter entries and changes in the accounting treatment of most of the inter-company transactions among its subsidiaries incurred during the third quarter. The Company further expects that nine-months earnings of $115,170 will be restated as a loss in the $400,000 to $600,000 range. Members of the management team of Cotton Valley, Gene Soltero, Chairman of the Board and Chief Executive Officer, Jim Hogue, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and Leon Romero, Chief Financial Officer, will host a conference call on Thursday, Aug. 6, 1998 at 4:15 pm EST EST electroshock therapy. EST abbr. electroshock therapy . If you would like to participate, beginning at 4:05 pm EST, please call: 888/790-3289. Pass Code: "Patty." If you are unable to participate at that time, you may call the digital replay number within 48 hours to review the call at 888/566-0677. Pass Code "6510."
CONTACT: Cotton Valley Resources Corporation, Dallas
Patty Dickerson, 214/221-6500
patty@cottonvalley.com
or
Salzwedel Financial Communications, Inc.
Jeff Salzwedel, 503/638-7777
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