Roc Oil has appointed Mr. Alan Linn as Chief Executive Officer ("CEO") effective immediately. The Board engaged an international search firm at the end of October 2010 to assess external and internal candidates for CEO. Several external candidates were considered.
Mr. Linn is a chartered chemical engineer with 30 years of international upstream and downstream oil sector experience in operational, development, exploration, joint venture management and commercial roles. He has strong experience in managing board, partner, National Oil Company and government relationships.
Commenting on the appointment of Mr. Linn as CEO, ROC's Chairman, Mr. Andrew Love, stated, "Alan's appointment as CEO recognizes his extensive senior management experience in successfully building exploration and development businesses, especially in challenging environments. His appointment also provides a transition of leadership that retains an intimate knowledge of ROC's opportunities, challenges and, importantly, key partner relationships. The Board considers that Alan has the skill-set required to lead ROC through the Company's next growth phase; his operational expertise, commercial experience and broad international network of contacts will prove invaluable."
Commenting on his appointment as CEO, Mr. Linn stated, "I am very pleased and encouraged by ROC Board's support in appointing me to this leadership role. I am particularly looking forward to pursuing the mandate to grow ROC's business during 2011 and beyond. Following the challenges of the past few years, ROC is now well positioned to generate and take advantage of new opportunities that will deliver value growth for shareholders. ROC will focus on its recognized strengths, which include operational and technical expertise and existing industry relationships, especially within Asia and Australasia, to economically secure growth assets. Considerable portfolio streamlining and business restructuring will now take place in support of the company actively pursuing its growth objectives.
"I firmly believe that ROC has a unique operating skill-set for a company of its size and that these, combined with our capacity to work effectively with National Oil Companies in the region (as demonstrated by the recent successful sanction of the Beibu Gulf project) will underpin ROC's growth strategy. While ROC will continue to be an explorer, our first priority is to secure a portfolio of development projects capable of being brought into production within the next five years.
"I am fully committed to delivering attractive and value enhancing business growth for ROC shareholders."
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