– USA, TX – Vanguard Natural Resources, Inc. (OTC:VNRSQ), today announced a number of steps in its ongoing plan to maximize shareholder value and position the Company for long-term success. These include the retention of a financial advisor, listing on the OTCQX Market, and changes to the board of directors and management team.
The Company also announced that its common stock will begin trading over-the-counter today on the OTCQX Market under the symbol VNRR. The OTCQX is the premier marketplace on OTC Markets Group’s highly visible electronic trading venue in the United States.
Scott W. Smith, President and Chief Executive Officer of the Company, commented “Listing on the OTCQX represents an important corporate milestone, and we expect to enhance trading liquidity and expand the pool of potential investors as a result.”
Effective immediately, Richard Scott Sloan will serve as Executive Vice President and Chief Financial Officer of the Company. Mr. Sloan will remain on the Board, on which he has served since August 2017, but step down from his roles as chair of the Audit Committee and member of the Compensation Committee of the Board. Mr. Sloan previously held various senior leadership positions over his 27 year career at BP and Hess, including SVP Strategy, Commercial and New Business Development at Hess, and President of BP Russia, Director of M&A, and several regional Chief Financial Officer roles at BP. He received his BA in Economics from Colgate University and MBA in Corporate Finance from the University of Chicago.
Joseph Citarrella, Chairman of the Board, remarked “Scott is a seasoned financial executive with an accomplished career in the oil and gas industry. He has rapidly proven himself as an invaluable voice on Vanguard’s Board, and having held numerous senior leadership positions at BP through the course of a distinguished tenure, he is particularly well-equipped to work alongside our senior executive, operations and finance teams to develop and implement the Company’s business strategy and growth plans.”
Mr. Sloan’s appointment follows Richard A. Robert, Vanguard’s Executive Vice President and Chief Financial Officer’s notification to the Company on September 26, 2017 of his decision to resign, effective immediately. Mr. Robert’s resignation, and related departure from the Board, did not result from a disagreement with the Company on any matter relating to its operations, policies or practices, including its accounting, internal controls or financial reporting matters.
Mr. Citarrella noted, “On behalf of the entire Board, I would like to thank Richard for his dedication and many years of service, especially during a critical time for the Company as it emerged from its Chapter 11 reorganization. He was a valued member of the management team and we wish him every success in his future endeavors.”
Richard A. Robert said, “I am honored to have had the opportunity to help the organization through its successful financial restructuring, and assist in positioning the Company for future success. I wish my colleagues the best of luck going forward.”
On September 26, 2017, Randall M. Albert was elected by the stockholders of the Company to join the Board, filling the vacancy created by Mr. Robert’s resignation. Mr. Albert will stand for reelection at the Company’s next Annual Meeting of Stockholders.
“We are very excited to welcome Randy to the Board,” said Mr. Citarrella, adding “Randy’s extensive oil and gas operating expertise will be a tremendous asset to the Company and its shareholders going forward.”
Mr. Albert most recently retired from CONSOL Energy after a 34 year career, last serving as Chief Operating Officer-Gas. During his time at CONSOL, Mr. Albert led the rapid development of CONSOL Energy’s Marcellus Shale and emerging Utica Shale programs. Mr. Albert also currently serves as an independent Director of Eclipse Resources and Non Executive Board Member at Wellsite Rentals, and is the immediate past Chairman of the Marcellus Shale Coalition and a Member of the Virginia Tech Mining and Minerals Engineering Advisory Board. Mr. Albert holds a BS in Mining Engineering from Virginia Tech, where in 2016 he was inducted into the Virginia Tech Academy of Engineering Excellence, the highest honor bestowed on College of Engineering graduates.
About Vanguard Natural Resources, Inc.
Vanguard Natural Resources, Inc. is an independent oil and gas company focused on the acquisition, production and development of oil and natural gas properties. Vanguard’s assets consist primarily of producing and non-producing oil and natural gas reserves located in the Green River Basin in Wyoming, the Permian Basin in West Texas and New Mexico, the Gulf Coast Basin in Texas, Louisiana, Mississippi and Alabama, the Anadarko Basin in Oklahoma and North Texas, the Piceance Basin in Colorado, the Big Horn Basin in Wyoming and Montana, the Arkoma Basin in Arkansas and Oklahoma, the Williston Basin in North Dakota and Montana, the Wind River Basin in Wyoming, and the Powder River Basin in Wyoming.
For more information : http://www.vnrenergy.com
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