"Bill brings over 30 years of oil and gas experience to Mission. His significant experience in the Onshore Gulf Coast area and in the Gulf of Mexico combined with his proven track record of improving portfolio performance as well as his extensive background in both corporate and asset acquisitions will play an essential role in the growth of the Company," said Robert L. Cavnar, Chairman, President and Chief Executive Officer.
Most recently, Mr. Picquet was Chief Executive Officer of a private E&P Company (M3 Energy, LLC). Prior to that he was Managing Director - USA for Waterous and Company. He has also previously held the positions of Senior Vice President - North America for Gulf Canada Resources and President of Torch Operating Company. Mr. Picquet received a B.S. in Natural Gas Engineering from Texas A&M University at Kingsville, graduating with highest honors. He is a registered Professional Engineer in Texas and is a member of the Society of Petroleum Engineers and the American Petroleum Institute.
The Company granted stock options in connection with the commencement of employment of Mr. Picquet. These options were granted without stockholder approval pursuant to NASDAQ Marketplace Rule 4350(i)(1)(A)(iv). The terms are as follows: 250,000 non-qualified stock options with an exercise price equal to the fair market value on the grant date; vesting as to 33.3% of the option shares on the grant date; as to 66.6% of the option shares one year following the grant date and as to 100% of the option shares two years following the grant date; any option shares which remain unexercised on the tenth anniversary of the grant date shall expire.
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