FX Adds Former Devon Exec to Board, Realigns Finance Team
FX Energy, Inc. has named H. Allen Turner to serve as a member of the company's board of directors.
Turner also has been appointed to the audit, compensation and nomination and governance committees of the board. He will serve until the company's next shareholder meeting, at which time he will stand for election by shareholders.
The company also announced that Thomas B. Lovejoy will resign as the company's Chief Financial Officer. However, Lovejoy will continue as Chairman and assume the management title of Executive Vice President. Clay Newton, the company's current Vice President of Finance and Chief Accounting Officer, will become the company's principal financial officer.
Turner, 54, has 25 years' experience in finance, including 20 years as a senior executive at Devon Energy Corporation during a period when it grew to become one of the world's largest independent oil and gas exploration companies. While there, Turner's responsibilities included corporate finance, strategic planning, long-term budgeting, and mergers and acquisitions. He also had substantial responsibility for SEC compliance, financial and public relations, stock exchange relationships, and compensation and benefits planning. Turner retired from Devon in 2001. Prior to his Devon experience, he was employed at Merrill Lynch in various local, regional and national positions.
David Pierce, FX Energy's CEO, remarked, "We were particularly attracted to Mr. Turner due to the major role he played as a senior executive in building Devon into a major independent oil and gas exploration and production company. The addition of Mr. Turner, with his oil and gas finance and management background, is a significant addition to our Board and to the audit committee and will complement the experience and background of our existing board. Messrs. Lovejoy and Newton give us financial expertise at the management level that is more than capable and certainly savvy. Between the board and management we have a team that can expand our financial flexibility as our development opportunities in Poland continue to grow."
Pierce continued, "Mr. Turner's strong shareholder orientation and existing relationships with the Wall Street and financial communities built during his tenure at Devon should prove to be real assets for our Company."
FX Energy, Inc. holds a land position of 250,000 acres around its Wilga discovery and over 2.7 million acres in western Poland's Permian Basin. The Permian Basin's gas-bearing Rotliegend sandstone is a direct analog to the Southern Gas Basin offshore England, and represents a largely untapped potentially significant gas resource. FX Energy is exploiting this untapped potential to create substantial growth in oil and gas reserves and cash flow for its stockholders.
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Company: FX Energy, Inc. more info
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