HOUSTON, TX — (Marketwire) — 01/30/12 — Interline Resources (PINKSHEETS: IRCE), a twenty year old midstream, natural gas and oil development company, announces a completely new board of directors, new management team and plans for its pipeline and oil well assets.
The company–s former board of directors and officers resigned and a new board of directors was appointed. Thereafter, new officers were hired. New company management addressed immediate outstanding liabilities and compiled the company–s assets for evaluation.
Those assets include a 28 mile natural gas pipeline and several oil and gas wells. The company plans to retain qualified experts to prepare an assessment of the pipeline and oil wells to determine the feasibility to put these assets back into production. The assessment includes, but is not limited to, an evaluation and inspection of the assets to determine cost for repair, testing and re-working. Additionally, Interline will investigate the viability of the pipeline to service the shale exploration in the region.
The company also secured a $5 Mil. equity line agreement with AGS Capital Group, Inc. which may be utilized, if and after, successful filing of a Regulation A offering or S-1 registration statement.
The following are the board of directors for Interline.
Mr. McZeal is a proven leader, litigator and father of two and is very well known and respected in the business community. From 2000 – 2010 he was a Managing partner in the law firm of Grealish & McZeal LLP in Houston, Texas. Mr. McZeal attended Southwestern University, Georgetown, Texas, where in May 1991 he earned his B.A. Degree in Finance and Business. He then set his sights on the South Texas College of Law, Houston, Texas, where he excelled and earned his Doctor of Jurisprudence Degree. By May 1995 he was admitted to Texas Bar, U.S. Court of Appeals for the Fifth Circuit, U.S. District Court for the Western Districts of Texas and Southern District of Texas.
With over 30 years deep water drilling, completion, work over and production experience with a B.A. in Mechanical Engineering, Mr. Smith is the CEO of The Sanday Corporation and is an advisor to Schlumberger, Petrohawk and K&M Technology Group.
Mr. Smith is a CPA with over 10 years– experience in auditing and accounting. Mr. Smith worked for companies such as Ernst and Young, BP, and Waste Management. His expertise is in financial reporting and accounting MBA.
is a twenty year old midstream, natural gas and oil development company. Interline–s current assets include a twenty eight (28) mile pipeline commonly known as the “well draw gas plant field gathering pipeline system.” The pipeline is located in Converse and Niobrara counties Wyoming. Interline also owns four shut in oil and gas wells in the region. The region also includes significant shale exploration.
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