VANCOUVER, Oct. 21 /PRNewswire/ -- The following was issued today by Gary
R. Schell on behalf of the Continental Energy Corporation Board of Directors:
Continental Energy Corporation ("Continental") (OTC Bulletin Board: CPPXF;
Vancouver: KK) is pleased to announce that noted international oilman Lawrence
Barker has joined the Board of Directors. Mr. Barker has had a remarkable
career in the international oil business and although unofficially retired is
still actively involved in consulting from his San Francisco base. He is a
1942 graduate of Yale. After a short wartime stint as a meteorology officer in
the US Army, he studied geology and petroleum engineering at UCLA/USC before
embarking on a career as an independent oil producer in California, Colorado,
Texas, Louisiana and Montana. Today he remains active as a producer of oil and
gas and also a director and shareholder of a small private company with
activity and some production in California and Texas.
With other oilmen in 1963, he founded the Independent Indonesian American
Petroleum Company (IIAPCO) and he served as its President and CEO until
1971. IIAPCO signed the first ever Production Sharing Contract in Indonesia in
1966 for an unexplored and rank wildcat area offshore Java. A second contract
area adjacent to the first was signed in 1968. The rest, as they say, is
history. Substantial discoveries were made on both of IIAPCO's contracts with
cumulative oil production from the two areas to date about 3 billion barrels.
IIAPCO merged with Natomas and Mr. Barker became a director of that
company in 1971. After several other mergers and acquisitions the Natomas
share of the two offshore Java contract areas acquired by fledgling IIAPCO are
today still in production and operated by MAXUS, formerly of Dallas but now
owned by YPF, the Argentine oil company, and Repsol, the Spanish oil company.
Mr. Barker's string of successful Indonesian enterprises continued until 1992
with his participation in the development of fields in the Salawati Basin,
Irian Jaya, which have today produced over 500 million barrels.
Management of Continental is confident that the appointment of Mr. Barker
will bring a wealth of experience to the Board. He is a very welcome addition
and his long and successful track record in Indonesia makes him an ideal
director for the Company. Mr. Barker's enthusiasm for Indonesia as a place to
explore for oil and gas coupled with his high opinion of Continental's two
initial properties there will definitely help keep the Company firmly focused
on the path to major discoveries.
Continental is a small but aggressive oil and gas exploration company
focusing its efforts on discovering major reserves in Indonesia. The Company
owns and operates two high potential and promising exploration properties
under Production Sharing Contracts covering some 3.7 million acres in
Indonesia, the onshore Bengara-II Block and the offshore Yapen Block.
Certain matters discussed within this press release are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. Although Continental believes the expectations reflected in such
forward-looking statements are based on reasonable assumptions, it can give no
assurance that its expectations will be attained. Factors that could cause
actual results to differ materially from expectations include financial
performance, oil and gas prices, drilling program results, regulatory changes,
changes in local or national economic conditions and other risks detailed from
time to time in the Company's Form 20-F reports filed with the S.E.C.
The Vancouver Stock Exchange has neither approved nor disapproved the
contents of this news release.
For more information please contact: Mr. Gary R. Schell or Mr. Craig
Doctor at: Suite 1760, One Bentall Centre, 505 Burrard Street, Vancouver, BC
V7X 1M6. Phone: 604-687-3434, or Toll Free 888-566-3213, fax 604-687-3073,
or cenergy@istar.ca.
SOURCE Continental Energy Corporation
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Related links:
http://www.continentalenergy.com
CONTACT:
Mr. Gary R. Schell or Mr. Craig Doctor, both
of Continental Energy, 604-687-3434, or 888-566-3213, fax
604-687-3073, or cenergy@istar.ca
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