Teton Energy Names MacAluso Independent Director
Teton Energy announced that Marc MacAluso has been appointed to Teton's Board of Directors to serve until standing for election at Teton's annual meeting to be held in May, 2009.
Mr. MacAluso also serves on the Board of Directors for Calgary-based Trident Resource Corporation. From 2005 through 2007, he was a partner and investor in Destiny Oil & Gas, LLC, a company focused on exploration, development, and acquisitions in the Upper Gulf Coast. Prior to Destiny, he served as the Chief Executive Officer and Chief Operating Officer of Inland Resources Inc., a Denver-based E&P company focused in the Rocky Mountains. Mr. MacAluso assumed his executive role in February of 2001 and successfully sold Inland in August 2004. He had also served on the Board of Inland since 1998.
Mr. MacAluso spent seven years as Senior Vice President at TCW Asset Management Company where he was involved in all aspects of structured financing transactions for the midstream and upstream oil and gas industry. He spent four years at American Exploration Company. Prior to American Exploration, he spent seven years at Shell Oil Company in various technical assignments. He has actively worked in areas throughout North America and several international areas. Mr. MacAluso graduated with a B.S. in Petroleum Engineering from Texas A&M University.
Karl F. Arleth, President and Chief Executive Officer, stated, "We are extremely pleased to appoint someone with Marc's experience and capacity in banking, capital markets, petroleum engineering and Executive positions, to Teton's Board of Directors. We will look for him to be a strong contributor to Teton and the Board looks forward to working with him."
As Teton welcomes a new board member, the Company will bid farewell to a long-time board member, John T. Connor Jr., who has elected not to stand for re-election at Teton's annual meeting in May, 2009.
James J. Woodcock, Non-Executive Chairman of the Board of Directors, added, "On behalf of the Board of Directors, I would like to welcome Marc MacAluso to our Board. He will be an important asset to Teton as we direct the Company through these challenging economic times. I would also like to thank John Connor for his exemplary service to the company as a Director and as past Chair of the Audit Committee. John particularly helped us transition from Russia to a U.S. producer in 2004 and 2005. We wish John all the best in his future endeavors."
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