Coastal Energy announced that Mr. Bernard de Combret has resigned his position as Non-executive Chairman of the Board of Directors with immediate effect. Mr. de Combret informed the Company's Board that he is resigning to allow time for other business commitments.
Mr. Forrest E. Wylie has also informed the Company that he is resigning from the Board of Directors with immediate effect. Mr. Wylie is resigning all of his outside board memberships due to his time commitment as Chairman and CEO of Buckeye GP, LLC.
The Board of Directors has unanimously voted that Mr. Lloyd Barnaby Smith assume the position of Non-executive Chairman on an interim basis. The Board also unanimously voted that William C. Phelps, Chief Financial Officer, fill one of the Board seats following the departure of Messrs. de Combret and Wylie. Mr. Phelps' election brings the total number of management members on the Board to two, which is in line with market standards.
Randy L. Bartley, President and Chief Executive Officer, commented, "I would like to thank both Messrs. de Combret and Wylie for their service to the Company. Their experience and insight have been invaluable to the Company over the past five years. We wish them the best in their future endeavors. The Board has formed a search committee to evaluate candidates to succeed Messrs. de Combret and Wylie on a permanent basis.
"Additionally, we are pleased that the Board has elected Mr. Phelps as its newest member. Bill has been involved with Coastal since its inception and has been a valuable part of the Company's development."
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