Teton Energy Reports Organizational Changes
Teton Energy reported that Bill I. Pennington, Teton's Chief Financial Officer and Executive Vice President, has resigned for personal reasons, effective August 31, 2007. Mr. Pennington is moving to Austin, Texas from Denver, and will not be taking another position as CFO with an oil and gas company. He will join the Teton Board as an outside Director, effective September 14, 2007.
"I have enjoyed my time at Teton as CFO, but feel that for personal and family reasons, it is time for me to make this change," stated Mr. Pennington. "I look forward to continuing to make contributions and maintaining continuity at the Board level as Teton continues to grow."
"Bill has done a tremendous job in the short time he has been with the Company," commented Karl Arleth, President and CEO. "He has built and staffed an internal accounting organization that is poised to meet the increasing challenges of a growing company, has played a critical role in our financings, and has been a good friend and partner in moving this Company forward over the last one and a half years. His presence will be missed."
"We are pleased to have Bill Pennington join the Teton Board," said Jim Woodcock, non-executive Chairman. "Bill brings substantial hands-on financial experience to our Board and continuity and perspective with respect to Teton's growth strategy. We welcome Bill to the Teton Board of Directors."
Teton Energy has retained Preng and Associates, a Houston based executive placement firm to conduct the search for a new CFO. Mr. Pennington will actively work with the firm during the recruiting process.
The Company also announced that William K. White has resigned from the Board of Directors effective August 31 due to his desire to pursue other activities, which potentially could conflict with his role as a director on Teton's Board.
"My participation as a board member of another energy company may conflict with my fiduciary responsibilities on the Teton Board," stated Mr. White. "Therefore, I believe it is in the best interest of the Company and its shareholders that I resign from the Board at this time. I have enjoyed my term on the Teton Board and wish the Company well in its future endeavors."
"After considerable review and discussion, we support Bill's decision and believe it is in the best interests of our shareholders," commented Tom Conroy, outside Director and Chair of Teton's Governance and Nominating Committee. "We will miss Bill and wish him well."
"Bill White has made substantial contributions to the Company during his tenure on our Board," said Karl Arleth, President and CEO. "We greatly appreciate his expertise and contributions and wish Bill all the best."
"The Board of Directors is grateful to have had Bill White on board at a critical time in the evolution of the Company," commented Jim Woodcock, non-executive Chairman. "Bill is a good friend whom we will miss on the Board, but whose contributions will not be forgotten at Teton."
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