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Media/Investor Relations
News Release
Ithaca Energy names Lawrence H. Payne, CEO, and Neil A. Carson, President
CALGARY, ALBERTA, April 28, 2004 -- Ithaca Energy Inc., a next generation oil and gas company focusing on the untapped potential of proven reserves on the UK Continental Shelf in and around the North Sea, is pleased to announce the appointment of industry veterans Lawrence (Lawrie) H. Payne and Neill A. Carson, as Chief Executive Officer and President respectively.
"We are very excited to have such top-notch talent join us in our move into the North Sea and UKCS. Both individuals will greatly enhance our aggressive expansion plans." commented Ithaca Energy's Chairman, Mr. Donald B. Copeland. "Mr. Payne's business accumen and wealth of mature-basin experience, coupled with Mr. Carson's vast UKCS experience with BP/Amoco is an explosive combination" added Copeland.
Mr. Payne has over 40 years of senior management experience in the Oil & Gas industry. He completed his Bachelors degree in Economics and Master's degree in Marine Geology from the University of Alberta and Columbia University respectively. In 1964 Mr. Payne launched his career as a Landman with Pan American Petroleum (Amoco) and then as an Exploration Geologist with Kerr-McGee in 1970 where he was directly responsible for an 800 billion cubic feet gas find in Texas. In 1971, Mr. Payne joined Sunningdale Oils where in less than five years progressed from Exploration Manager to President, was very active in the North Sea where the company made several discoveries, and lead the sale of the company to Kerr-McGee.
In 1976, Mr. Payne became founding President of Sceptre Resources and created over 600% growth in two years. Mr. Payne also founded Atlantis Resources which grew from US$250 thousand to over US$85 million. After the sale of Atlantis in 1994, he managed and directed as President several private companies. Mr. Payne intends to reside in London.
Mr. Carson has accumulated 22 years of management and international project experience in the oil & Gas industry. On completion of his Bachelors and Master degrees in the geosciences from British universities, Ulster/Birmingham University respectively, he joined BP Amoco in 1981. During different periods over 14 years with BP Amoco he was based in London, United Kingdom and was responsible for numerous Exploration and Production projects within the UK Continental shelf. His international career widened through exploration management positions for BP Amoco in the Netherlands, Bolivia, and Pakistan.
Mr. Carson, as Performance Unit Leader for BP Pakistan, was responsible for the delivery and growth of approximately 12,000 BOE/day and capital budgets in excess of US$50 million. Through his career with BP Amoco, Mr. Carson has executed growth plans through successful Oil/Gas discoveries, and the development and management of commercial portfolios. He contributed as a select member of a targeted team to BP’ s world wide new venture screening initiative in 2003. Mr. Carson operates his own consultancy, Carson Resources Ltd. within which he and his staff advise companies on delivery assurance in tough international, commercial and operational environments.
FOR FURTHER INFORMATION PLEASE CONTACT :
Ithaca Energy Inc.
Mr. Brad G. Gunn
VP Corporate Development
Phone: (403) 263-0050
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