DALLAS, May 2, 2005 (PRIMEZONE) -- Continental Energy Corporation (OTCBB:CPPXF) today announced that Mr. David Tai Wai Yu has been appointed to the Board of Directors and will serve as a non-executive director until the Company's next annual meeting of shareholders.
Mr. Yu, a resident of Hong Kong, is an experienced independent financial professional with thirty years' experience in the securities, commodities, and foreign exchange trading business. He has been employed by Rothschild & Sons, Shearson American Express, and Citibank.
Recently Mr. Yu participated in negotiations that led to long-term agreements between the Chinese government and an oil-producing nation in Africa in exchange for Chinese government-backed investment in economic development, trade and infrastructure projects. He is currently working on similar arrangements in South America and in Indonesia.
The Company also announced that it is establishing a representative office in Hong Kong through Mr. Yu to facilitate communication with Chinese-based investors.
Mr. Richard L. McAdoo, Continental's Chairman and President said, "We welcome David to our Board and anticipate that his experience, extensive contacts, and knowledge of Chinese investment strategies and oil and gas markets will prove invaluable as we grow Continental into a significant, Asian-based oil and gas production company. David has been involved in some innovative oil for infrastructure deals and we hope to capitalize on his expertise in these areas for the benefit of our oil and gas properties in Indonesia."
About Continental Energy Corporation:
Continental Energy Corporation is a small oil and gas exploration company, focused entirely on making a major oil or gas discovery in Indonesia. For further information, please visit our web site at www.continentalenergy.com
Certain matters discussed within this press release may be forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Although Continental believes the expectations reflected in such forward-looking statements including reserves estimates, production forecasts, feasibility reports and economic evaluations are based on reasonable expectations and assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include financial performance, oil and gas prices, drilling program results, regulatory changes, political risk, terrorism, changes in local or national economic conditions and other risks detailed from time to time in Continental's periodic filings with the US Securities Exchange Commission.