Petrosearch has mutually agreed with Mr. Wayne Beninger, its Chief Operating Officer, to terminate Mr. Beninger’s employment agreement as of April 15, 2009.
Mr. Beninger’s agreement was set to expire on April 30, 2009; however, in an effort to preserve capital to meet the final working capital requirements pursuant to the recently announced merger with Double Eagle Petroleum, the parties have mutually agreed to the early termination of Mr. Beninger’s employment agreement.
Mr. Beninger has agreed to remain accessible to the Company as a consultant for any needs the Company may have through the merger process.
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