CoreStream Energy Announces Its Initial Oil lease and a Change of CEO and Directors
13 August 2010 - 5:20AM
Marketwired
CoreStream Energy, Inc. (PINKSHEETS: ZLUS) is pleased to announce
the closing of its first oil and gas lease, changes of its CEO and
Board of Directors, and updates to its shareholders and the
investment community on a number of its business activities.
CoreStream intends to operate in a very transparent style and in
the coming weeks a new web site will allow the company to keep its
shareholders and other interested parties up to date on the
company, its activities, and growth.
The company has successfully closed its first lease and intends
to drill the first oil well in the next 90 days. The lease,
Sanders#1, is in La Salle Parish, LA, an area where reserves are
proven but undeveloped (PUD), offers multiple drilling
opportunities, and is expected to show large recoverable reserves.
The well is expected to have a total depth of around 5,000 ft.
CoreStream has a 75% working interest in the lease.
This lease is the first of a number of business activities
currently under consideration and in various stages of closure. The
company intends to keep its shareholders updated upon future
significant business activities.
The company has had a change in its leadership and Directors in
conjunction with its name change to CoreStream Energy and its new
business direction. Resignations from Milton "Todd" Ault III as the
CEO and Director and Michael Edwards as a Director have been
accepted. Chris Rainbolt, in addition to being the new CEO, has
taken on the responsibility of a Director and the COB. Also joining
CoreStream as a Director is James Kevin Adkins. Mr. Adkins brings
to the company an extensive background in commercial banking and
finance. Additional Board members are expected to be announced in
the coming weeks.
CoreStream Energy's corporate philosophy and direction with
respect to energy development as it begins its public life is
stated by Chris Rainbolt as, "We intend to drill in areas of proven
reserves and purchase existing production with large geological
offset opportunities. On-going world energy requirements and the
current fiscal climate offer outstanding opportunities in these
market tiers for companies that are not over leveraged."
Additional business activities
- CoreStream Energy's principle management team:
- Chris Rainbolt, CEO Chris comes from a family that for three
generations has played a role in the oil & gas industry
primarily in Oklahoma and Texas. Chris now follows in those
footsteps with a personal dedication to oil & gas. Most
recently he founded and was CEO of Rainbolt Group Consulting which
was focused on the investing in and the financing of oil & gas
opportunities. Prior to that, Chris was the managing director of an
investment banking firm on the West Coast, as well as a partner is
a successful Fund of Funds hedge fund. A graduate of Oklahoma
University in Finance, Chris has recently moved his family,
including his three children, from Norman, OK, to the Dallas, TX
area in order to establish CoreStream Energy in a very important
hub for energy development and management.
- James Kevin Adkins, consulting COO Kevin is jointly responsible
for managing all aspects of CoreStream Energy's daily operations.
His expertise consists of consulting strategically with customers
and suppliers, negotiating complex contractual agreements, and
helping CoreStream Energy maximize its presence and value in the
financial marketplace. Kevin joined CoreStream Energy with the
primary focus of leading the company's daily operational and
administrative functions. Prior to joining CoreStream Energy, Kevin
spent twenty-two years in the commercial banking and commercial
equipment finance industries working with various clients,
including many oil and gas companies, to consult, structure and
execute hundreds of millions of dollars in financing agreements.
With sales and management experience in start-up, origination and
syndication functions and a strong financial and documentation
background, Kevin is sees an excellent opportunity to aggressively
expand CoreStream Energy's market presence. Kevin received his
Bachelor's Degree in Finance from the University of Oklahoma in
1987 and an MBA from the University of Kansas in 1992.
- Lew Graham, Secretary Lew has agreed to remain as Secretary of
the company during the divestment period of the next six
months.
- Corporate Headquarters has been opened in Irving, TX at: 6565
N, Macarthur Blvd., Suite 225, Irving, TX 75039 Tele
214-624-5200
- CoreStream has retained the services of Goolsby, Proctor,
Heefner & Gibbs, Oklahoma City, OK to handle contracts and
legal matters going forward.
- All the assets and liabilities of the previous operations of
Zealous prior to July 22, 2010, have been placed in an escrow
account where all distribution and resolution is proceeding under
the guidance of Mr. Lew Graham. The escrow account's two primary
business activities are Health & Wellness and the Adult Social
Network. Both of these major entities have pending sales in
progress. CoreStream could receive significant cash in the coming
months from the proceedings in this escrow account depending on
final terms and conditions.
- The company intends to become fully reporting as quickly as
possible. The previously delayed K is expected to be filed in the
comings days. The Q for the period ending March 31, 2010 is
expected to follow in the coming weeks.
- Filings have been made to FINRA to formalize the name change.
With respect to a symbol change, as of June 1, 2010 FINRA has
adopted a policy of not accommodating requests for a change in the
trading symbol until further notice. FINRA has indicated that a new
policy for symbol changes will be released later this year and at
that time CoreStream will consider the possibility. Therefore, for
the near future, shareholders can expect that the symbol "ZLUS"
will continue to be used.
- The corporate web site is expected to be developed and
operational in September. The company intends to keep the site
current and interactive to provide as much transparency as possible
on its activity in the oil and gas industry.
- The company's IR contact is Gary Patterson. To insure prompt
response the company encourages questions and comments be directed
to Gary at ir@corestreamenergy.com or 714-369-2933.
About CoreStream Energy, Inc. CoreStream Energy, Inc., a Nevada
Corporation, is focused primarily on the US oil and gas energy
markets. It currently trades on the OTC Markets as ZLUS.PK.
Forward-Looking Statements This press release contains certain
forward-looking statements. These forward-looking statements can
generally be identified as such because the context of the
statement will include words such as CoreStream Energy, Inc.
"plans," "expects," "should," "believes," "anticipates" or words of
similar importance. Stockholders, potential investors and other
readers are cautioned that these forward-looking statements are
predictions based only on current information and expectations that
are inherently subject to risks and uncertainties that could cause
future events or results to differ materially from those set forth
or implied by the forward-looking statements. Certain of those
risks and uncertainties are discussed in our filings with the
Securities and Exchange Commission, including our annual report on
Form 10-K and quarterly reports on Form 10-Q. These forward-looking
statements are only made as of the date of this press release and
CoreStream, Inc. does not undertake any obligation to publicly
update such forward-looking statements to reflect subsequent events
or circumstances.
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Investor contact: Gary Patterson Investor Relations
ir@corestreamenergy.com 714-369-2933