Moving on.....
Thank you Sterling!
HOUSTON, Jan. 6, 2014 /PRNewswire/ -- Evolution Petroleum Corporation (NYSE MKT: EPM) today announced executive changes and additional information regarding its previously announced restructuring of operations.
Retirement of CFO
Vice President, Chief Financial Officer and Treasurer Sterling McDonald, who will turn 65 in 2014, has informed the Company of his intention to retire pending his replacement. Mr. McDonald has served as CFO and Treasurer since 2003 and was the second employee hired by the Company. As such, he played an instrumental part in the outstanding growth of the Company, overseeing the financial, accounting and administrative functions. Mr. McDonald also has been a key member of the executive team that created and executed the strategy that has developed tremendous shareholder wealth. Shareholders, the Board of Directors and staff have greatly benefited from Sterling's contributions and we wish him well in his retirement.
Mr. McDonald commented, "I am very fortunate to have worked with such a fine team in building a great company for our shareholders and creating value well in excess of our original expectations. I am confident that the management team and board of directors will continue Evolution's growth and success going forward."
Robert Herlin, Chairman and Chief Executive Officer said, "It has been my distinct pleasure to work with Sterling these last 10 years. His significant and substantial contributions have helped to position the Company for its next stage of development, and I personally thank him for his service and commitment. He will be missed, and we are fortunate to be able to count on him to facilitate the transition to his successor."
The Company has engaged a corporate recruiter to assist in identifying candidates to replace Mr. McDonald with an emphasis on oilfield services experience to help further commercialize its growing artificial lift technology business segment. Mr. McDonald will continue his present duties until his successor has been identified and elected by the Board of Directors to fill the roles of Chief Financial Officer and Principal Accounting Officer, which is expected to occur in January 2014. Mr. McDonald will be available to the Company as needed during its transition period.
