HOUSTON, Oct. 23, 2013 (GLOBE NEWSWIRE) -- Duma Energy Corp. (OTCBB:DUMA) is pleased to announce the election of Kent Watts and Pasquale Scaturro as directors of the company, effective October 11, 2013. Watts has been appointed chairman, replacing Jeremy Driver, who will remain on the board. Scaturro will replace Leonard Garcia who retires at the end of October 2013. Board member Steven Carter stepped down in September 2013.
"We are excited to welcome Kent and Pasquale to the Duma board of directors. As industry veterans, they bring a wealth of technical and financial expertise in addition to a network of worldwide relationships. We look forward to benefitting from their operational experience," commented Jeremy Driver, CEO of Duma. "On behalf of the entire board, I would like to thank Steven Carter and Leonard Garcia for their dedicated service and contributions over the past 7 years."
Watts currently serves as Chief Executive Officer of Hydrocarb Corporation, a privately held company he co-founded with Mr. Scaturro, Hydrocarb's President and Chief Operating Officer. In addition to operations in the U.A.E., Hydrocarb owns rights to and operates a 21,000 square kilometer onshore oil and gas concession in northern Namibia. In August 2012, Hydrocarb farmed out a 39% working interest in its concession to Duma's subsidiary Namibia Exploration, Inc. In August 2013, Duma announced its intention to acquire Hydrocarb and negotiations remain ongoing.
"It's an exciting time to join the Duma team, said incoming Chairman, Kent Watts. We see tremendous opportunity for Duma to thrive going forward. While we continue to improve operations, we will work hard to assemble a strong board of directors that will optimize shareholder value and achieve our strategic goals.
About Duma Energy
Duma Energy Corp. (OTCBB:DUMA) is an aggressive growth company actively producing oil and gas in the continental United States, both on and offshore. The Company also holds a 39% interest in a 5.3-million acre concession in Namibia, Africa. Duma is focused on increasing revenue, cash flow, and reserves while pursuing acquisition and participation in international exploration projects with the potential to provide exponential returns for its shareholders. For further information: www.duma.com.
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which contain words such as "expect," "believe" or "plan," by their nature address matters that are, to different degrees, uncertain. These uncertainties may cause actual future events to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
CONTACT: Duma Investor Relations Investor Awareness, Inc. Tony Schor, 847-945-2222 www.InvestorAwareness.com
Source:Duma Energy Corp.