November 29, 2007. Dubai/Oslo: SeaBird Exploration Limited (BVI) ('SeaBird' or 'SBX').
Mr. Dag Reynolds has today chosen to resign as Chief Executive Officer ('CEO') from SeaBird while the Executive Chairman of the Board of SeaBird, Mr. Tim Isden has accepted the position as CEO. Mr. Isden will for a time remain Chairman of the Board in addition to the position as CEO.
Mr. Reynolds leaves SeaBird to pursue other interests but has accepted to remain in an advisory role for the company. Mr. Reynolds continues to view his share holding in the company as a long term investment.
Mr. Isden states "We want to acknowledge the significant contributions made and the role Dag has played in SeaBird both prior and subsequent to developing the company into a public entity. We all wish Dag the very best in his future endeavors. For SeaBird, I look forward to working closely with management and employees and together continuing our desire to achieve the company's objectives and fulfill our shareholder's expectations"
For further queries contact:
Chairman and CEO SeaBird Exploration Limited
Phone:+971 504 539075
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SeaBird Exploration Limited (BVI) `SeaBird` is a global provider of marine 2D and 3D seismic data, solutions for seabed acquisition of 4C/4D multimode seismic, and associated products and services to the oil and gas industry. SeaBird specializes in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow water 2D/3D market. Main focus for the company is proprietary seismic surveys (contract seismic). SeaBird does not have a multi-client data library. Main success criteria for the company are an unrelenting focus on Quality, Health, Safety and Environment (QHSE), combined with efficient collection of high quality seismic data.
All statements in this press release other than statements of historical fact are forward-looking statements and are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include SeaBird`s reliance on a cyclical industry and the utilization of the company's vessels. Actual results may differ substantially from those expected or projected in the forward-looking statements.