Pegasi Energy Resources Corporation Appoints Dr. Oliver C. Waldron as Chairman to its Board

On Friday August 19,2011, Pegasi Energy Resources Corp   (OTC:PGSI), an organic growth-oriented independent oil and gas production company, having its headquarters in Tyler, Texas, announced the appointment of Dr. Oliver C. Waldron as Chairman of the Board replacing Mr. Michael Neufeld,the acting chairman of the Board.

Mr. Neufeld will continue to serve in the positions of President and CEO of the Company.

Dr. Waldron, a graduate of University College Cork, holding a B Sc. In Mathematics and Physics, an M Sc. In Physics, and a Doctorate in Nuclear Physics from the University of Oxford, inherits an extensive 30 years working experience in the field of oil and gas production across the globe. Prior to Pegasi, earlier in his career he was the founder and Chairman of Dragon Oil plc.,an oil and gas exploration company serving North and South America, Middle East and Far East,he was also the co-founder of Celtic Resources plc.,a branch of  Dragon Oil that was listed on the Dublin and London Stock Exchange.Dr. Waldron had made considerable contribution in the negotiation of an agreement with the Government of Turkmenistan in 1994 to allow Dragon Oil to develop the abandoned Zhadanov field in the Caspian Sea,He retired from the service in the year 2000.

At present Dr. Waldron is Chairman of Caspian Oil Resources Limited, Gibraltar, and has served as a consultant on oil and gas projects in the Caspian Region.

Mr. Michael Neufeld, President and CEO of Pegasi, exclaimed that they are glad to welcome Dr. Waldron in the capacity of chairman of the Board,and are convinced about his effectiveness in bringing about a progress in the execution of the company’s on-going development program, owing to his ample industry experience in the oil and gas business.

Shares of PGSI are trading higher by 1% at $0.38.


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