Arena Resources, Inc. announced that Phil Terry has been appointed to the position of Chief Executive Officer. Terry has been the President and Chief Operating Officer of the Company since February 1, 2007, and manager of all engineering and field operations since April 2003. The Company also announced that Tim Rochford, co-founder and former CEO of Arena, has accepted the position of Chairman of the Board.
"It is with great pleasure and confidence that the board of directors has offered and Phil Terry has accepted the position of Chief Executive Officer," said Tim Rochford, Chairman of Arena. "Stan McCabe, former Chairman, and I, as the original co-founders of Arena, could not be more pleased. Phil has demonstrated from day one a complete understanding of what is required in building a young, rapidly growing company. Our growth and success to date is directly related to Phil's knowledge of the areas where our properties are located, the ongoing strategy for the development of those properties, and because of his personal reputation within the industry, ability to attract experienced, quality personnel. Although I won't be as active in the day-to-day operations, I intend to be very involved in the continued development and growth of the Company, expansion of strategic industry relationships and the ongoing development of acquisition opportunities."
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