PetroLatina's CEO to Step Down
PetroLatina Energy Plc, an independent oil and gas exploration, development and production company, focused on Latin America and currently producing approximately 500 barrels of oil per day, on Thursday announced the following management update.
Nicholas Gay, Chief Executive Officer, has advised the Company he will be stepping down from the Executive Board to pursue other opportunities but has agreed to remain as a Non-Executive Director, with effect from 31st January 2007.
Mark Patterson has been appointed to the Company's Board as an Executive Director with immediate effect. Mark has over 25 years experience in the oil and gas industry throughout the Americas, which significantly strengthens the management team in Central and South America.
Mark is Managing Partner of Calypso Energy LLC, an independent exploration and development company and part of the Calypso Energy group of companies he co-founded in 2000.
Mark was previously Chief Executive Officer of Compania General de Combustibles, one of Argentina's premier oil and gas companies with more than $620 million of assets. During his decade of living and working in South America, he oversaw upstream and midstream projects in Argentina, Brazil, Bolivia, Ecuador, Guatemala, Uruguay, and Venezuela. A geophysicist by background, he holds a Bachelors degree in Geology from the University of California and an MBA from Houston Baptist University. Mark is fluent in the Spanish language.
Greg Smith, Executive Chairman of PetroLatina since its IPO in January 2005, and Jay Scott will in the interim period take on the CEO's responsibilities. Jay, COO, has been appointed Interim President and COO of Petrolatina in order to take on the additional responsibilities. The Board of Directors have appointed executive recruitment company, Spencer Stuart, which specialises in Latin American oil & gas executives, to find a permanent replacement CEO.
Greg Smith, Chairman of PetroLatina, commented:
"Mark has a great deal of experience in South America, not only in terms of the regional relations but also in day to day production that will be a significant benefit to the future development and growth of PetroLatina.
"At the same time, we are sorry to see Nicholas step down from CEO and wish him well in his future endeavours outside PetroLatina. He leaves behind a sound operating platform and a Company that is well positioned for solid growth in 2007".
"Additionally and by way of an operational update, the initial phase of the workover at the Serafin gas accumulation in Colombia has been completed as expected. We now anticipate the accumulation to be somewhat larger than had initially been expected. Production testing will now commence and we expect this to be finalised during February 2007. This project offers immediate cash flow and economic returns and we anticipate it to materially increase the Company's annual cash flow from its Colombian operations. PetroLatina has a 50% interest in the development."