The Board of Directors of Meridian Resource Corporation announced recently that Paul Ching, current Chairman of the Board, will now also serve as the Company's interim CEO until a successor has been named.
Paul Ching stated, "The Board and I would like to sincerely thank the founders of this company, Joe Reeves and Mike Mayell, for their many years of successful leadership and wish them the very best in their future endeavors." Ching continued, "Joe and Mike have agreed to stay on as advisors for the next several months to ensure a smooth transition of responsibilities. They will continue to serve as members of the Board of Directors, and I look forward to working with them."
Ching further added, "I welcome the challenge of tackling the issues that face this Company in the short term. In light of the recent turmoil in the financial markets and reduced commodity price environment, my near term focus is to reduce the Company's cost structure, strictly manage our cash flow, prioritize our portfolio of development and exploration projects, and conduct a thorough asset review with the goal of increasing production and optimizing our reserve base. Our objectives will be to continue to maximize value for Meridian's shareholders."
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