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