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Citadel Exploration Adds to Board of Directors

Share Print Bookmark    |    Friday,September 05,2014

Citadel Exploration, Inc. reported that James Walesa has joined its Board of Directors, replacing Jacob Barnhart. 

Mr. Walesa has 34 years of experience in the financial services industry and brings to the board a unique combination of finance and energy experience.

Walesa commented: "I am very excited to be joining the board of Citadel because of its unique combination of talent, knowledge and data for exploring an oil-rich region like California. It is very rare that someone has the opportunity to join a firm with such tremendous potential in such an early stage."

Mr. Walesa entered the industry in 1982 with First Investors in Chicago. In 1988, he founded Asset Management & Protection Corporation (AMPC) which now has over $500 million in assets under management. Mr. Walesa and some of his clients were original investors in Basic Energy Services and Southwest Royalties, now part of Clayton Williams Energy. He is also a founding member of the Offshore Energy Center in Galveston, Texas. Mr. Walesa and AMPC clients continue to provide startup capital for energy related companies and was an original investor in Citadel's first offering. 

Phil McPherson, CFO of Citadel Exploration, commented: "Having known Jim for more than 10 years, I look forward to gaining from his unique view of the financial world and its role in the energy sector. Oil and gas exploration is a capital-intensive business and few people know capital acquisition for this industry as well as Jim Walesa."

His comments were echoed by Armen Nahabedian, CEO of Citadel Exploration: "We believe Jim's skill set will add value for Citadel shareholders by providing us strategic insights on the finance side of the industry." He added, "Jim's financial expertise is the perfect complement to the exploration knowledge of our Chairman, Dan Szymanski."