American Noble Gas, Inc Announces Corporate Changes Including the Appointment of New Chief Executive Officer and Chief Financial Officer

Changes include raising new capital through the issuance of convertible preferred stock and the extension of the maturity date on existing convertible debt.

Lenexa, KS, May 08, 2023 (GLOBE NEWSWIRE) -- American Noble Gas, Inc (OTCQB: AMNI) (“AMGAS” or the “Company”) announced today corporate changes, including the appointment of Thomas J. Heckman as its Chief Executive Officer and Chief Financial Officer of the Company effective May 5, 2023. In addition, the Company completed the raise of $750,000 through the issuance of Series B Convertible Preferred Stock and has also reached agreement with a debt holder whereby the Company entered into a new convertible note payable that extends the maturity of its debt obligations with such holder. The Company expects these changes will provide more financial resources and flexibility and to implement its operating strategies in 2023.

Appointment of New Chief Executive Officer and Chief Financial Officer - The Company is pleased to announce the appointment of Thomas J. Heckman, as Chief Executive Officer and Chief Financial Officer effective May 5, 2023. Heckman assumes the Chief Executive Officer role from Stanton E. Ross who and assume the Chief Financial role from Daniel F. Hutchins. Both Mr. Ross and Mr. Hutchins will remain members of the Company’s Board of Directors.

Mr. Ross, Chairman of the Board of Directors and outgoing Chief Executive Officer of the Company said, “We are delighted to welcome Thomas as Chief Executive Officer and Chief Financial Officer. In addition to his experience at the highest levels of public companies, he has extensive expertise at successfully delivering oil and gas exploration campaigns and, having been an investor in and consultant to the Company for approximately 10 years, Thomas already has an in-depth understanding and knowledge of the Company’s projects, which will greatly assist him and the team in delivering a successful drilling program in 2023 and beyond."

Mr. Heckman said, "I am delighted to have been given the opportunity to take leadership of AMGAS at such a crucial time for the Company. This is a strategically important phase for AMGAS, but I have every confidence in our strategic vision and the outstanding projects we are currently working on.”

Series B Convertible Preferred Stock and Warrant Issuance - The Company is also pleased to announce that, on May 4, 2023, it entered into a securities purchase agreement providing for an aggregate investment of $750,000 by three investors for the issuance an aggregate of 7,500 shares of Series B Convertible Preferred Stock, convertible into an aggregate of up to 15,000,000 shares of the Company’s common stock, and warrants, with a term of five and a half (5.5) years, exercisable six (6) months after issuance, to purchase an aggregate of up to 15,000,000 shares of the Company’s common stock, at an exercise price of $0.05 per share.