Orbit Petroleum Names New President and Amends Chapter 11 Reorganizationadmin
Orbit Petroleum announces that effective October 20th, 2008 the Board of Directors has named Mike Myers as President of Orbit Petroleum, Inc. and President of the Company’s wholly owned subsidiary, Orbit Petroleum, Inc., Oklahoma, which is currently under a petition for reorganization under Chapter 11 of the United States Bankruptcy Code in Federal Court in New Mexico. Additionally, the Company has amended its originally filing petition to clarify that only the wholly owned subsidiary is petitioning for reorganization and not the parent public company. Mr. Myers will immediately be directly responsible for all action related to both Orbit Petroleum, Inc. (Nevada), the parent holding company and Orbit Petroleum, Inc. (Oklahoma) the wholly owned subsidiary. This change in management follows an equity investment by a group led by Mr. Myers to acquire approximately 40% of the parent company.
The Board of Directors feels that this is a positive development for both the holding company and its wholly owned subsidiary. Mr. Myers has a great deal of oil and gas experience and has successfully worked with other companies going through reorganization. Mr. Jim Frazier will effectively be resigning as President and Chairman of the Company with the addition of Mr. Myers. Mr. Frazier will remain active with the Company for a short period of time to aid in the transition.
Orbit Petroleum, Inc. (OBPT.PK) is the owner of oil and gas properties in New Mexico and Texas. Orbit is headquartered in Oklahoma City.
For further information you may contact David Whitney, Secretary in writing at 1131 E. Britton Road, Oklahoma City, OK 73131 or by accessing Orbit’s web at www.orbitpetro.com.