Now that Norman Mackenzie has stepped down from CZE..
His schedule will no doubt allow for some quality time to focus on the opportunities like the one he has with us in the Permian Basin.
C&C Energia appoints McLeod president, CEO
2012-06-28 08:58 ET - News Release
Mr. Randy McLeod reports
C&C ENERGIA LTD. ANNOUNCES ORGANIZATIONAL CHANGES
C&C Energia Ltd. will make organizational changes respecting its senior management team and board of directors.
In announcing these changes, Carl Tricoli, chair of C&C's board of directors, observed: "The C&C management team has made great strides since going public two years ago. Our production has more than doubled, our 2P reserves have increased by more than 50 per cent, cash flow per share has increased by 65 per cent and the company has assembled approximately 500,000 net acres of undeveloped land. In addition to an estimated 2012 funds flow from operations of approximately $160-million (U.S.), we have a very strong balance sheet with a working capital balance of approximately $49-million (U.S.) as of May 31, 2012, including approximately $111-million (U.S.) in cash and a $200-million (U.S.) credit facility with a current borrowing base of $90-million (U.S.). We believe that the company is positioned well for future growth."
The following organizational changes are effective immediately:
Dr. Richard Walls is retiring from the company as president and chief executive officer. Dr. Walls assembled the senior management team that took the company public in May, 2010, and has been instrumental in overseeing the company's growth and progress since then. He will continue to remain on the C&C board of directors and maintains a large shareholding position in C&C.
Randy McLeod is appointed president and chief executive officer, and a member of the board of directors. Mr. McLeod has been the company's chief operating officer since April, 2010, and has led the Bogota team in achieving the production and reserve growth noted above.
Dr. Tomas Villamil, executive vice-president, exploration, will take on an expanded focus to source and develop growth opportunities under the direction of the chief executive officer. Dr. Villamil was one of the founders of C&C and one of the architects of the company's exploration success.
As previously disclosed on April 10, 2012, Ricardo Sarmiento has been appointed vice-president, operations. Mr. Sarmiento will lead the operations group in the Bogota office. Prior to joining C&C in April, 2012, he was the technical and development manager for the exploration and production division of Ecopetrol SA responsible for executing the development programs in Colombia.
Dr. Oscar Lopez-Gamundi is appointed vice-president, exploration, and will lead the exploration group in the Bogota office. Dr. Lopez-Gamundi has had a distinguished career for over 30 years in international oil and gas exploration, and, most recently, was the exploration manager of Central America and South America for Hess Corp.
Norman Mackenzie has retired from the board of directors having served as a director of C&C from the outset as a private company and since the completion of the company's initial public offering.
In announcing his plans, Dr. Walls indicated: "When I got involved with C&C in the latter part of 2009, I quickly determined that the company had a very solid base of opportunities, assets and people that would provide an excellent platform for taking C&C public. Over the past 2-1/2 years, my management team and I have successfully completed the transition to a professionally managed public company and have grown the company considerably. I have complete confidence that Randy McLeod and his management team can build on what we have achieved to date and grow C&C even further."
Mr. Tricoli added: "We expect that these organizational changes will solidify C&C's capabilities to capture growth opportunities in the E&P sector in Colombia. The board of directors and I are very grateful for the vision, leadership and success that Richard Walls brought to C&C. The board of directors also thanks Norman Mackenzie for his contributions to C&C as one of the founding shareholders of the company and a board member. We wish him well in his new venture in Australia."
C&C is planning to provide an update on its operations and drilling program during the week of July 9, 2012.
Conference call information
C&C will host a conference call to discuss the press release on Thursday, June 28, 2012, at 9 a.m. MT (11 a.m. ET). Media, analysts and investors wishing to participate can access it by calling 1-416-340-2217/1-866-696-5910/1-800-8989-6336, passcode: 1510120. The call will be available for replay until July 4, 2012. Individuals wishing to listen to the replay can access using 1-905-694-9451 or 1-800-408-3053, passcode: 6821237.
We seek Safe Harbor.
AI
