We are pleased to have these talented executives join our team and we look forward to beginning our first drilling phase
Costa Mesa, California (PRWEB) June 19, 2008
Turan Petroleum, Inc. (“Turan”), a privately held, independent oil and gas exploration company, today reported that Askar Karabayev and James Fuller have joined Turan’s Board of Directors, and Temir Koichumanov joined Turan’s wholly owned subsidiary, Turan Enerpetroleum, as General Director. The following are professional bios on the three individuals.
Askar Karabayev, 49, was elected Vice-Chairman of the Board in April of 2008, and has become a President and CEO in June of 2008. Mr. Karabayev has over 20 years of experience in all aspects of oil and gas and construction industries. Mr. Karabayev has graduated Institute of Civil Engineering in 1980, Almaty, Kazakhstan. A graduate of the acclaimed Institute of Civil Engineering in 1980, Mr. Karabayev has started working in the oil industry as a foreman, quickly advancing to Director of Operations. He supervised daily field operations, building oil wells, infrastructure, and operating oil producing fields. From 1980 to 1987 Mr. Karabayev became an early participant in the Caspian Sea Peninsula Region - Kalamkaz, Karajanbas and Uzen oil fields. From 1987 to 1996 He served as Managing Director of several oil companies that were major distributors of petroleum products in Kazakhstan and Russia.
While living in the United States, Mr. Karabayev operates a real estate development and management company and is continuously involved in a number of oil and gas projects in his native country. He plays an active role in forming several joint venture companies in Kazakhstan and USA, creating cultural, business, and humanitarian partnerships between the two countries.
Jim Fuller has over 30 years experience in the brokerage and related financial services industries. Mr. Fuller was the Senior Vice President of the New York Stock Exchange (NYSE) from 1976 to 1981, where he was responsible for corporate development, marketing, corporate listing and regulation oversight, research and public affairs. Following a Presidential appointment by Ronald Reagan in 1981, he served as a member of the Board of Directors of the Securities Investor Protection Corporation (SIPC) until 1987.
Mr. Fuller is past Chairman of the Board of Pacific Research Institute, a public Think Tank in San Francisco and is a member of the Board of The International Institute of Education. He is a member of the Pacific Council for International Policy and past member of the Committee of Foreign Relations. He also serves on the Board of Trustees of the University of California - Santa Cruz.
Dr. Koichumanov, 47, has joined Turan Petroleum in August of 2007. He was appointed General Director of Turan Enerpetroleum, LLP in March of 2008, and has become a Member of the Board of Directors of Turan Petroleum, Inc. in April of 2008.
Dr. Koichumanov has graduated Moscow Engineering and Construction Institute in1983. Upon graduation, Dr. Koichumanov continued his education and received his PhD degree in 1989. After 3 years of teaching at the University of engineering he has decided to pursue his professional carrier in private business sector.
From 1996 to 1999 Dr. Koichumanov served as an executive manager for the Government of Kazakhstan in the Ministry of labor and social welfare, being responsible for vast social issues pertaining to labor and civil law (particularly – licensing of the foreign employees).
In 1999 prior to joining Turan Enerpetroleum, Dr. Koichumanov was a general partner in several international business partnerships that were involved in import/export of oil products, construction materials and other natural resources. Dr. Koichumanov has significant experience of operating joint venture companies that involved both foreign and domestic capital structure; in particular, Kazakh, American, Turkish and Korean.
“We are pleased to have these talented executives join our team and we look forward to beginning our first drilling phase” states Tony Vanetik, Turan’s Chairman.
Turan Petroleum, Inc. is an oil and gas exploration company based in California. The Company is pursuing opportunities in new energy markets, focusing on acquisition and development of oil and gas properties in Eurasia, and other resource rich regions of the former Soviet Union.
Turan’s ARYS site covers approximately 22,000 square kilometers in the South Kazakhstan. Initial geological studies have been completed that show the potential of locating substantial amounts of recoverable oil and gas products inside the company’s concession. The studies and initial exploratory drilling have proven the existence of substantial salt structures within the Concession. Limited seismic testing has already identified numerous bright spots in association with the salt structures. The Company believes these bright spots are indicators of hydrocarbons.
The Company intends to undertake further geological testing, conduct exploratory drilling and extract hydrocarbons from the ARYS site. The South-Kazakhstan district, which is home to the company’s ARYS Concession, contains about 2 million people. Natural gas is currently delivered to the region from Uzbekistan, with the local supply being subject to shortages. The infrastructure to deliver natural gas locally is in place and a demand for locally produced gas appears to be robust. The areas that are expected to produce oil also have asphalt roads. Additionally, railway stations, pipelines and refineries are located a relatively short distance from the ARYS Concession.
For further information contact Turan Petroleum, Inc. via email at info @ turanpetroleum.com
Forward-looking statements in this announcement are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although Turan Petroleum, Inc. 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. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the costs and risks of exploring and developing new oil and natural gas reserves, the price for which such reserves can be sold, environmental concerns effecting the drilling of oil and natural gas wells, as well as country and political risks, general market conditions, competition, oil and gas pricing, drilling programs and results. The forward-looking statements can be identified by the use of forward-looking terminology such as "may," "expect," "anticipate," "estimate," "continue," "believe" or other similar or similarly intended words. We have made forward-looking statements with respect to the following, among others: our goals and strategies; our ability to earn sufficient revenues to develop ARYS; our ability to continue as a going concern. Investors are cautioned that all forward-looking statements involve high risks and uncertainty, including without limitation, our limited operating history, the costs and risks of exploring and developing new oil and natural gas reserves, the price for which such reserves can be sold, environmental concerns effecting the drilling of oil and natural gas wells, fluctuations in commodity prices, inconsistent application, interpretation, and enforcement of applicable Kazakh government taxes, and Kazakhstan Excess Profits Tax, currency exchange losses if Tenge depreciates against US Dollar, country and political risks, including diplomatic and political relations between US and Kazakhstan, costs arising from environmental liability, uncertain costs of drilling (oil producing fields located adjacent to ARYS, are not an indication that our drilling or related efforts will be successful), inability to drill wells that produce commercial quantities of oil and natural gas, shut-ins of connected wells resulting from extreme weather conditions, insufficient storage or transportation capacity or other geological and mechanical conditions, general market conditions, competition, oil and gas pricing, drilling programs and results, our future capital needs, etc.
Naum Voloshin, COO
940 South Coast Drive
Costa Mesa, CA 92626
Email: info @ turanpetroleum.com
# # #