Tandem Energy Announces New Board of Directors, Officers, Capital Structure and Projected Earnings.MIDLAND, Texas Midland is the county seat of Midland CountyGR6 located on the Southern Plains of the western area of the U.S. State of Texas. As of the 2006 U.S. Census estimate, the city had a total population of 102,073. -- Tandem Energy Holdings Inc. (OTC OTC
See over-the-counter market (OTC). :TDYH), today announced the election of its new board of directors and the appointment of new officers. Tandem combines the talents of the principals of Tandem Energy Corporation and Shamrock shamrock, a plant with leaves composed of three leaflets. According to legend it was used by St. Patrick in explaining the doctrine of the Trinity; it is now used as the emblem of Ireland. An artificial or real shamrock leaf is customarily worn on St. Patrick's Day. Energy Corporation with other oil and gas executives that have over 100 years of oil and gas experience.
The members of the Board of Directors and officers of Tandem include:
Todd M. Yocham: CEO and President, Director -- Mr. Yocham is a Registered Professional Engineer in Texas. He has worked in the oil and gas industry for 23 years with an extensive background in drilling, production, and reservoir engineering. Lance W. Duncan: Vice President and Director -- Mr. Duncan has an extensive background in Business Development. He has owned and operated several businesses in real estate and oil and gas. Jack A. Chambers: Director -- Mr. Chambers has a strong background in daily management and operations of an oil and gas drilling and production company. He was a founding partner of Shamrock Energy Corporation and has worked in the oil and gas industry for 26 years. Tim G. Culp: Director -- Mr. Culp is a Certified Public Accountant in Texas. He was a founding partner of Tandem Energy Corporation and has worked in the oil and gas industry for 24 years. Rex Chambers: Director -- Mr. Chambers received his petroleum engineering education from Texas Tech University. He is a veteran of the oil field for over 60 years and has always focused primarily in field operations to include drilling, production, and processing.
Tandem is currently realizing gross income per month from its existing operations of $800,000, with current realized monthly net cash flow equal to $600,000. Such monthly gross income will increase to $1,300,000 per month and net cash flow of $1,000,000 per month when the Shamrock assets are acquired by Tandem in the next sixty days. The Company will begin its 2005 drilling and workover program in April with the drilling and workover of 10 development wells on the Kingfisher, Oklahoma Kingfisher is a city in Kingfisher County, Oklahoma, United States. As of 2006, the city is estimated to have a total population of 4,497. It is the county seat of Kingfisher CountyGR6. , and Montgomery, Kansas leases that are owned by Tandem. Tandem's objective is to drill and workover a total of 80 development wells on its existing leases throughout the remainder of 2005. Based upon projections that include an assumption of an average of $40 per barrel of oil and $5 per MCF of gas, the Company should increase its monthly gross income to $2,700,000 and net cash flow per month of $2,200,000 by the end of the 2005 drilling program. Should oil and gas prices remain at their current levels, it is reasonable to assume that the Company could realize a 20% increase in both gross income and net cash flow above current projections.
Tandem has outstanding common share of 22, 250,000 common shares, which is comprised of 20,250,000 of restricted share and 2,000,000 in the free trading float. There are presently no outstanding preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders.
Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , warrants or stock options. Based upon the current fully diluted shares outstanding, the Company on an annualized annualized
Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis by the end of this year, should recognize earnings, before interest, taxes, depreciation and amortization of $1.19 per share.
Tandem presently has under lease approximately 30,000 acres with over 250 development drilling locations offsetting current producing wells and is in the enviable en·vi·a·ble
So desirable as to arouse envy: "the enviable English quality of being able to be mute without unrest" Henry James. position of owning sufficient acreage to support a full three year drilling program without making other acquisitions. Tandem's management projects drilling an additional 100 development wells on its leases in 2006, increasing its EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become to a minimum of $1.70 per current outstanding share.
Tandem Energy Holdings Inc. was formed to acquire 100% of the outstanding stock of Tandem Energy Corporation and to acquire other low-risk oil and gas properties located in Texas, New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). , Oklahoma, and Kansas. The Company combines principal shareholders with over 100 years of oil and gas experience, whose goal is to use their combined talents to build a major independent oil and gas company. Tandem has proven producing and proven unproducing reserves of $64,872,147. The acquisition of the Shamrock assets will increase producing and proven unproducting reserves to $252,623,452. Tandem expects to complete its financial audit and receive its independent engineering report, which will be issued according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. SEC standards, within the next 75 days. At that time, the Company will file all necessary reports with the SEC to gain reporting company status, and immediately apply for a listing on the Nasdaq NMS See NetWare Management System. exchange or AMEX AMEX
See: American Stock Exchange with the goal of obtaining such a listing no later than the end of the third quarter of 2005.
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. :
Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute.
When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995. The Company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release, the Company will appropriately inform the public.