Mosaic Oil appoints Alex Parks as CEO August 18, 2009

The Board of Mosaic Oil NL (ASX: MOS) is pleased to announce the appointment of Mr. Alex Parks as Chief Executive Officer effective from 18th August 2009.

Mr. Parks was previously the CEO of Otto Energy from December 2006 to June 2009. During this time, he handled the acquisition of a substantial producing asset, raised over $100 million in new equity and broadened the shareholder base substantially, all of which resulted in more than a 10-fold increase in the market capitalisation of that company.

Mr. Parks has a Master of Engineering, Petroleum Engineering degree from the Imperial College London, is or has been a founder or chair of various state Chapters and Boards of the Society of Petroleum Engineers (SPE), is a Member of both the Petroleum Exploration Society of Australia (PESA) and Australian Institute of Company Directors (AICD), and was awarded Young Petroleum Engineer of the Year (SE Asia) by the SPE in 2005.

In announcing this appointment Mosaic’s Chairman Mr David Herlihy commented: “We are very pleased that Alex has agreed to accept this position. The Board has conducted a comprehensive search for a suitable candidate to lead Mosaic in the next phase of its growth. This search identified a large number of high calibre applicants from both within and outside Australia several of whom were interviewed by the Board. As part of this process, Alex had impressed the Board with his enthusiasm, energy, relevant upstream petroleum industry knowledge and listed company experience.

“His technical and management experience is directly aligned with Mosaic’s strategic direction including increasing the commercialisation of our gas reserves, advancing the Company’s exploration portfolio and the prospective Silver Springs Underground Gas Storage Project. The Board also considers that his vast network of contacts and international experience can be of substantial benefit in identifying new domestic and international corporate as well as E&P opportunities for Mosaic” Mr Herlihy said.

Click here to view the full announcement.

For further information, please contact:

Mosaic Oil: David Herlihy – Chairman on (02) 9247 9324

Media: Bill Kemmery – Fortbridge on (02) 9331 0655, mob 0400 122 449, email bill.kemmery@fortbridge.com