VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 21, 2010) - ALSTON VENTURES INC. (TSX VENTURE:ALO) (the "Company") has made the following board appointments and changes.
Effective immediately, Mr. Wayne Babcock has been named CEO and Chairman of the Board. From 1981 to 2004 Mr. Babcock was President/CEO & Chairman of the Board, Dynamic Oil & Gas, Inc. Dynamic was NASDAQ and TSX listed and was the largest independent Oil & Gas Exploration and Production company headquartered in BC. The company was acquired by an Alberta-based energy trust in 2005. During his tenure at Dynamic, Mr. Babcock grew the Company from junior start-up to production of almost 3,500 Boe/d and was named a finalist for Entrepreneur of the Year in both 2004 and 2005. He was also President/CEO & Chairman of the Board of Shellbridge Oil & Gas Inc. from 2005 to 2006. Shellbridge was TSX listed and BC headquartered. Mr. Babcock and his team discovered and developed a new pool oil discovery at Mantario in S. Saskatchewan and less than a year later in 2006, Shellbridge was acquired by a second Alberta based energy trust.
The company is pleased to welcome Mr. Don Umbach as a Director and President. Mr. Umbach has over 30 years of industry experience in land, legal, marketing, production and drilling operations and strategic M&A activities, primarily in a small-cap, public market, E&P, oil & gas business environment. Mr. Umbach was most recently, Vice President, Land and Business Development for Renegade Oil & Gas Ltd. Renegade was successful in developing an attractive land position with a significant inventory of light oil drilling targets in SE Saskatchewan, including land in the Bakken light oil resource play. In September 2009, Renegade's shareholders approved a plan of arrangement to sell the company for $77 million.
As Vice President, COO & Director of Shellbridge Oil & Gas, Inc., the Company grew to 2,000 Boe/d in just 11 months before being acquired by an energy trust in June of 2006. Mr. Umbach was Vice President, COO & Director of Dynamic Oil & Gas Ltd. from 1990 to 2005. During that time, Dynamic grew from 50 Boe/d in 1990 to 3,480 Boe/d in 2005. In September 2005, Dynamic's shareholders approved a plan of arrangement to sell the company for cash and a one-for-one share exchange in a new exploration company, (Shellbridge). Mr. Umbach holds Diplomas in Business Administration and Petroleum Land Management from Mount Royal University.
The company is also pleased to welcome Mr. Troy Winsor as a Director. Mr. Winsor brings twenty seven years of multi-faceted securities industry experience to the company. Past clients of Winsor Communications include Dynamic Oil & Gas Inc, Shellbridge Oil & Gas, and Eurozinc Mining Corp. To facilitate this appointment, Mr. Tom McCandless has agreed to step down from the board and will remain with the company on its advisory board.
Mr. Michael England will continue on as a Director of the company.
The Company has granted a total of 230,000 stock options to directors, officers, employees and consultants of the company, exercisable at a price of 15 cents per share for a period of five years from the date of grant. The options have been granted in accordance with the company's stock option plan.Neither 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 release.