Apco President Announces Retirement
December 11 2012 - 05:05PM
Business Wire
Apco Oil and Gas International Inc. (NASDAQ:APAGF) has announced
that its president and chief operating officer, Thomas Bueno,
intends to retire effective June 30, 2013.
Bueno, 61, will resign his position as chief operating officer
effective Jan. 1, 2013, and remain as president of Apco until he
retires.
His career spans 40 years. He has worked with the company in
various capacities of increasing responsibilities since the
mid-1980s. He assumed the role of president and chief operating
officer in 2002.
Following his retirement, Bueno plans to be available to act in
an advisory role by providing consulting services to the company.
During the past five years, Bueno also established a succession
plan at Apco.
“We can’t thank Tom enough for his years of service to the
company and our shareholders,” said Ralph Hill, Apco’s chairman and
chief executive officer.
“Apco has thrived under his leadership and exemplary record. The
company’s growth over the years is a credit to Tom and the Apco
team.”
In connection with Bueno’s decision, Apco’s board appointed
Michael Kyle, 53, to serve as the company’s chief operating
officer, effective Jan. 1, 2013.
Bueno recruited Kyle as Apco’s vice president of business
development in December 2007. He has been instrumental in
establishing Apco’s presence in Colombia, where the company
initiated hydrocarbon production earlier this year.
Prior to Apco, Kyle was president and general manager of
Occidental Petroleum’s Argentine business unit located in Buenos
Aires.
Kyle also held several international management positions with
Vintage Petroleum from 1996-2005 and has lived and worked in
Argentina and other South American countries during much of the
last 20 years.
“Apco remains in very capable, talented hands with Mike, who has
helped broaden and diversify the company’s interests,” Hill said.
“This is a smooth, orderly transition that we have developed over
the past few years.
“I’m very confident that Mike will continue to keep the company
on a path of operating and financial excellence that Apco
experienced under Tom’s direction,” Hill added.
About Apco Oil and Gas International Inc. (NASDAQ:
APAGF)
Apco Oil and Gas International Inc. is an international oil and
gas exploration and production company with interests in eight oil
and gas concessions and two exploration permits in Argentina, and
three exploration and production contracts in Colombia. More
information is available at www.apcooilandgas.com. Go to
http://www.b2i.us/irpass.asp?BzID=1671&to=ea&s=0 to join
our e-mail list.
Our reports, filings, and other public announcements may contain
or incorporate by reference statements that do not directly or
exclusively relate to historical facts. Such statements are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. We make these
forward-looking statements in reliance on the safe harbor
protections provided under the Private Securities Litigation Reform
Act of 1995. You typically can identify forward-looking statements
by various forms of words such as "anticipates," "believes,"
"seeks," "could," "may," "should," "continues," "estimates,"
"expects," "forecasts," "intends," "might," "goals," "objectives,"
"targets," "planned," "potential," "projects," "scheduled," "will"
or other similar expressions. These forward-looking statements are
based on management's beliefs and assumptions and on information
currently available to management and include, among others,
statements regarding:
- Amounts and nature of future capital
expenditures;
- Volumes of future oil, natural gas, and
LPG production;
- Expansion and growth of our business
and operations;
- Financial condition and liquidity;
- Business strategy;
- Estimates of proved gas and oil
reserves;
- Reserve potential;
- Development drilling potential;
- Cash flow from operations or results of
operations;
- Seasonality of natural gas demand;
and
- Oil and natural gas prices and
demand.
Forward-looking statements are based on numerous assumptions,
uncertainties and risks that could cause future events or results
to be materially different from those stated or implied in this
announcement. Many of the factors that will determine these results
are beyond our ability to control or predict. Specific factors that
could cause actual results to differ from results contemplated by
the forward-looking statements include, among others, the
following:
- Availability of supplies (including the
uncertainties inherent in assessing, estimating, acquiring and
developing future oil and natural gas reserves), market demand,
volatility of prices, and the availability and cost of
capital;
- Inflation, interest rates, fluctuation
in foreign currency exchange rates, and general economic conditions
(including future disruptions and volatility in the global credit
markets and the impact of these events on our customers and
suppliers);
- The strength and financial resources of
our competitors;
- Development of alternative energy
sources;
- The impact of operational and
development hazards;
- Costs of, changes in, or the results of
laws, government regulations (including climate change regulation
and/or potential additional regulation of drilling and completion
of wells), environmental liabilities and litigation;
- Political conditions in Argentina,
Colombia and other parts of the world;
- The failure to renew participation in
hydrocarbon concessions granted by the Argentine government on
reasonable terms;
- Risks related to strategy and
financing, including restrictions stemming from our loan agreement
and the availability and cost of credit;
- Risks associated with future weather
conditions, volcanic activity and earthquakes;
- Acts of terrorism; and
- Additional risks described in our
filings with the Securities and Exchange Commission ("SEC").
Given the uncertainties and risk factors that could cause our
actual results to differ materially from those contained in any
forward-looking statement, we caution investors not to unduly rely
on our forward-looking statements. We disclaim any obligations to
and do not intend to update the above list or to announce publicly
the result of any revisions to any of the forward-looking
statements to reflect future events or developments.
In addition to causing our actual results to differ, the factors
listed above may cause our intentions to change from those
statements of intention set forth in this announcement. Such
changes in our intentions may also cause our results to differ. We
may change our intentions, at any time and without notice, based
upon changes in such factors, our assumptions, or otherwise.
Investors are urged to closely consider the disclosures and risk
factors in our most recent annual report on Form 10-K filed with
the SEC and our quarterly reports on Form 10-Q available from our
offices or from our website at www.apcooilandgas.com.