GRAND JUNCTION, Colo., June 28, 2006 (PRIMEZONE) -- Colorado Wyoming Reserve Company (OTCBB:CWYR) announces changes to its management team. "Effective July 1, 2006, it has appointed Waseem A. Sayed Ph.D as President and Chief Executive Officer of the Company," said Kim Fuerst, Chairman of the Company's Board of Directors.
"Waseem has extensive general management experience across a wide variety of business sectors and I am delighted that he has agreed to become the Chief Executive of CWYR at an important time in the Company's development," said Kim.
"The Board of Directors is excited that Waseem has accepted the responsibility to help guide CWYR at this critical juncture. Waseem is intimately familiar with the challenges of the oil and gas business.
"In addition to his strategic skills and knowledge of Oil and Gas science, the Company will benefit from his skill set as a private equity investor. These skills can be used to help CWYR grow.
"Waseem's most recent involvement in the oil and gas sector was with Saba Petroleum Company which he joined in 1988. During his tenure he was Assistant to the Chairman of the Board and responsible for Saba's Oil and Gas Subsidiary in Colombia. Later he served as the Company's Financial Public Liaison.
"During this time the Company went from Pink Sheets to OTC BB to a listing on the American Stock Exchange.
"The market capitalization rose from $5 million at the beginning of Dr. Sayed's tenure to $800 million at the end of his tenure," Kim stated.
Waseem A. Sayed Ph.D, is also elected by board members to serve as a member of the company's board of directors, effective immediately.
Additional information may be found at: www.coloradowyomingreserve.com
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in the future periods to differ materially from possible results. These risks and uncertainties include, among other things, volatility of oil and gas prices, product demand, market competition, imprecision of reserve estimated and the Company's ability to replace and expand oil and gas reserves. These and other risks are described in the Company's annual Report on Form 10-KSB and other filings with the Securities and Exchange Commission.