Petromanas has appointed Mr. Hamid Mozayani as Chief Operating Officer effective June 7th, 2010.
Mr. Mozayani has over 38 years of oil and gas production experience relating to drilling, well completions, well servicing, production engineering and production operations. Mr. Mozayani received his Bachelors of Science degree in Petroleum Engineering from Abadan Institute Of Technology, Iran in 1972. In the past 25 years he has held various technical, operational and managerial positions with ExxonMobil including responsibility for offshore and onshore drilling operations around the globe. His international experience combined with his ability to provide leadership for oil field development and commercial operations will prove him to be a valuable asset to the Company. Mr. Mozayani's specific experience with ExxonMobil corporation has shown his ability to design and execute drilling programs to boost production and ensure an efficient employment of capital and advanced technology.
Erik Herlyn, CEO commented, "We are pleased that we have found with Hamid Mozayani a world class senior professional, whose exceptional track record covers all of Petromanas operational activities."
Jeffrey Scott who has been acting as Interim Chief Operating Officer, has resigned this position to make way for Mr. Mozayani. Mr. Scott remains a director of the Company.
Petromanas granted Mr. Mozayani options to purchase an aggregate of 1,500,000 shares at an exercise price of $0.40 per share for a period of ten years from the date of grant with vesting terms over a 3 year period.
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