Opal Energy Corp (the "Company") (OPA:TSX-V) announced today
that the Board has appointed Dr. Vik Rao, to the Board of Directors as an
independent director. Dr Rao is Senior Vice President and Chief Technology
Officer of Halliburton, serving in the top technical position for one of the
world's leading oil and gas service companies.
Commenting on the new appointment, Opal CEO Barry Williamson said, "I am very pleased to announce the addition of
Dr. Vik Rao as an independent director. He brings to Opal the highest level
of technical and operational background and will provide immeasurable benefit
as we prepare to drill our deep, high temperature and high pressure Texas
Giant prospects in South Texas. This is the first step of several that I will
undertake to secure funding and initiate drilling on these extremely large
onshore prospects.
"Opal has a very rich portfolio of natural gas
prospects including some of the largest I have seen onshore or offshore.
Opal will take advantage of the prospects already generated and those
we anticipate to be revealed from the recently completed 75-square mile SW
Victoria 3-D Seismic Shoot," Williamson
said.
Dr. Vik Rao is Senior Vice President and Chief Technology Officer for
Halliburton. In these roles, he is responsible for the Company's technology
effort, as well as the setup and management of the intellectual asset
management function. Dr. Rao previously held executive management
positions in research and development, product launch, reservoir studies and
sales and marketing. He joined the company in 1974 as a senior research
engineer.
Dr. Rao serves as a Director on the Boards of Fiberspar Inc., and
Prime Photonics, Inc.. He also serves on the Advisory Boards of KaDa Research
Inc. and PointCross Inc., the University of Houston School of Engineering and
the University of Texas at Austin Petroleum Engineering Department. Dr.
Rao holds a bachelor's degree in engineering from the Indian Institute of
Technology, Madras, India, and a master's degree and a PhD in engineering
from Stanford University. He is the author of more than 40 publications and
has been awarded 24 patents.
Grants have been made pursuant to the Company's Stock Option Plan to
purchase an aggregate of 500,000 shares subject to regulatory approval. The
holders of the options may
purchase their allocated number of common shares of Opal at a price of $0.37
per share on or before February 26, 2013. The options are subject to a
vesting schedule and any shares acquired pursuant to the option agreements
may not be sold within 4 months of granting.