US based onshore oil and gas exploration and production company Magnolia Petroleum Plc has been through a boardroom shake-up.
Chief executive Steven Snead has resigned with immediate effect from the Oklahoma focused firm.
The board accepted Mr Snead’s resignation and the parties agreed to waive any notice period by mutual consent.
Magnolia’s chief operating officer Rita Whittington is now to become the company’s chief executive officer.
In addition, the board is to start the process to appoint Derec Norman, currently vice president of accounting, to the board as chief financial officer, subject to regulatory approvals.
Lanny Woods will be also joining the firm as a technical consultant. Mr Woods has more than 35 years of experience as an exploration and production geologist.
Rita Whittington, CEO of Magnolia, said, “Steve and I have worked together ever since Magnolia was founded and I would like to publicly thank him for the contributions he has made with Magnolia. The Board wishes him the very best for the future with his other business interests and we look forward to his continued support as a shareholder of Magnolia.
“I would like to congratulate Derec Norman as the new CFO and being appointed to the Magnolia board and welcome Lanny Woods to the Company as a technical consultant.
“Both are highly experienced professionals in the US onshore oil and gas sector particularly in Oklahoma, Magnolia’s area of focus.
“Their individual areas of expertise, oil & gas accounting and mergers and acquisitions in the case of Derec, and exploration and production geology in the case of Lanny, are highly complementary to the existing skillset of the board and management team.
“I believe Magnolia has the right mix of industry expertise covering all key areas of the business, including lease acquisition, geology, engineering, and accounting, with which to take advantage of current market conditions to acquire and develop leases in prolific regions where drilling is commercial at oil prices well below US$50 per barrel.”