Blueknight Energy Partners, L.P. (BKEP)

[56Chevy]

Blueknight Announces Appointment of New CEO; Changes to Board

Date : 09/17/2012 @ 8:30AM
Source : Business Wire
Stock : Blueknight Energy Partners L.P., L.L.C. - Common Units Representing Limited Partner Interests (MM) (BKEP)
Quote : $6.63 0.05 (0.76%) @ 4:59PM (pps as of 10/16/2012)

Blueknight Energy Partners, L.P. (NASDAQ: BKEP) (NASDAQ: BKEPP) (“BKEP” or the “Partnership”), a midstream energy company focused on providing integrated services for companies engaged in the production, distribution and marketing of crude oil, asphalt and other petroleum products, today announced that BKEP’s general partner has appointed Mark Hurley as its new Chief Executive Officer, effective as of September 20, 2012. Mr. Hurley has served as the Senior Vice President, Crude Oil and Offshore of Enterprise Products, LLC since 2010, where he led the newly formed crude oil and offshore business segment. Mr. Hurley began his career at Shell, where he served from 1981 to 2009, most recently as President of Shell Pipeline Co., LP. Mr. Hurley received his bachelor of science in chemical engineering from North Carolina State University. Mr. Hurley will replace James Dyer, whose intended resignation was announced by the Partnership earlier this year.

In connection with his resignation as Chief Executive Officer, Mr. Dyer also has resigned from the Board of Directors (the “Board”) of BKEP’s general partner, effective as of September 20, 2012. Francis Brenner of Vitol Inc. has been appointed to fill Mr. Dyer’s seat on the Board. Mr. Brenner has served as the Investments Director for the Americas for Vitol Inc. since 2010. Between 2001 and 2010, Mr. Brenner was with Morgan Stanley, most recently as an Executive Director in the Morgan Stanley Commodities Group. Prior to joining Morgan Stanley, Mr. Brenner was involved in the design and construction of utility infrastructure at Tyco International.

Mr. Duke R. Ligon, Chairman of the Board of Directors of BKEP’s general partner, stated, “As we look to the future, we are excited about the experience and vision that Mark brings to Blueknight, and we are confident that under his leadership Blueknight will continue to thrive.” Mr. Ligon continued, “On behalf of the Board of Directors, we thank James for his commitment and service to Blueknight over the past three years, both as a member of the Board and as Chief Executive Officer. We extend a warm welcome to Francis as he joins the Board and trust that his knowledge and insight will be valuable to the Board as we continue to seek out strategic growth opportunities to solidify Blueknight’s role as a leading midstream service provider.”

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