Management Changes at Revus Energy: Harald Vabo Takes Over as CEO

The Board of Revus Energy ASA has appointed Harald Vabo, currently Deputy Chief Executive Officer, as Chief Executive Officer of Revus Energy ASA. The current CEO, Tim Sullivan, has elected to step down as CEO, to be able to return to his technical and operational roots as Exploration Advisor and Deputy CEO.

"This swap is basically about optimizing our management resources and thus creating added value for our shareholders. Tim Sullivan (56) has successfully led Revus through the company's first three and a half years, including a successful listing on the Oslo Stock Exchange in 2005. Yet, as his primary interest has always been exploration, Tim now wishes to apply his considerable expertise and experience to Revus' current, exciting exploration portfolio. As Deputy CEO, Harald Vabo (49) has already clearly proven himself as the natural successor to the CEO position," says Andrew Armour, Executive Chairman of Revus.

Tim Sullivan is looking forward to his new role: "Exploring for oil is what I like and what I feel I do best. I am extremely proud of our team's accomplishments in developing such a significant portfolio of growth opportunities over such a relatively short period of time and I am looking forward to getting closer to the real action."

Harald Vabo, Revus' new CEO, commented: "My mission as CEO will be to ensure that we are equipped to deliver growth both in terms of management and technical resources and financial capacity. Tim Sullivan's decision to devote his expertise and capacity to exploration will consolidate our exploration team and enable us to continue to deliver results in the form of discoveries and further growth in our license portfolio."

With a common history from Enterprise Oil Norway's executive management team since the 1990s, Tim Sullivan and Harald Vabo were among the original founders of Revus Energy and worked closely together to bring Revus to its current position as a leading Norwegian independent Exploration and Production company listed on the Oslo Stock Exchange.

Svein Ilebekk, who is also one of Revus' original founders, continues as Exploration Manager. Tim Sullivan will support Revus' exploration team in an advisory role, focusing on forging the partnerships and agreements necessary to deliver Revus' exciting exploration program, including portfolio management activities, exploration planning and allocation of rig capacity.