Rockdale Resources Corporation says that David N. Baker has stepped down as Chief Executive Officer and from our board of directors, effective February 28. As a result, Leo Womack has been elected to succeed Mr. Baker as Chairman of the Board and Zel C. Khan appointed CEO and President of the Company.
Mr. Khan's appointment was made with the expectation of Rockdale entering into a definitive agreement with Jovian Resources, LLC to acquire a 25% Working Interest in an existing operating field Jovian owns in Creek County, Oklahoma in exchange for new securities to be issued by Rockdale.
'Our job now is to maximize production with an operating system that maintains low lift costs, thus creating value for our shareholders despite the suppressed oil price. We have a good pulse on the properties and have a program in place to increase cashflow,' said Mr. Khan.