Magnolia Petroleum Plc / Index: AIM /
Epic: MAGP / Sector: Oil & Gas
13 July 2017
Magnolia Petroleum
Plc (‘Magnolia’ or ‘the Company’)
Board
Appointments
Magnolia Petroleum Plc, the AIM quoted US focused oil and gas
exploration and production company, is pleased to announce the
appointment of Mr Derec Norman to
the Board of Magnolia as Chief Financial Officer, and Mr
Lanny Woods as Non-executive
Director, with immediate effect. This follows the Company’s
announcement of 3 April 2017.
DEREC
NORMAN
Mr Norman was appointed the Company’s Vice President of
Accounting on 22 August 2014. Since his appointment he has
been responsible for all aspects of the Company’s accounting
operations, and the management of all transactions relating to
general ledger, receivables, payables, financials and payroll
reporting. In this role, he has identified and secured significant
cost savings for the Company both internally and when dealing with
operators. In addition, Mr Norman has been integral in
developing and maintaining relationships with financial
institutions both in the US and London.
Prior to joining Magnolia, Mr Norman spent the previous eight
years working in the oil and gas industry in Oklahoma City, Oklahoma. He began his
career with Chesapeake Energy Corporation (NYSE: CHK), a leading
operator in Oklahoma, where in his
role as Acquisition & Divestiture Supervisor, he specialised in
oil and gas accounting, acquisitions, divestitures, and mergers
managing deals totalling over US$10
billion.
Mr Norman graduated from the University of
Central Oklahoma with a Bachelor of Business Administration
in Finance.
Mr Norman is the son-in law of Ms Rita
Whittington.
LANNY
WOODS
Mr Woods was appointed as Technical Consultant to Magnolia in
April 2017. He has more than 37 years of experience as an
exploration and production geologist. The majority of Mr Woods’
career has been spent exploring and developing onshore US fields
with particular experience in Oklahoma, Texas and Wyoming. Mr. Woods began his career with Exxon
Company USA, where he worked for
both the production and exploration departments. He is a member of
the American Association of Petroleum Geologists and a Wyoming
Professional Geologist.
Mr Woods is currently Executive Vice President and part-owner of
Jireh Resources LLC (2009-present) where he is responsible for
technical evaluation (geological and economic) of acquisitions,
development drilling, and behind pipe opportunities in the
Mid-Continent area. Prior to this, Mr Woods was a member of the
management team at Primary Natural Resources I and II, two oil and
gas property acquisition and development companies, where he played
a key role in the 3:1 return on equity achieved upon divestment.
Mr. Woods was also a board member and manager of Samson
International’s Russian Joint Venture, PNG and was the exploration
manager for Samson Resources.
Rita Whittington, CEO of
Magnolia, said, “When Steven Snead, our previous CEO, first
hired Derec in 2014 from Chesapeake, it was on the condition that
after he proved himself, he would be promoted to the Board as
CFO. He has certainly done just that. Thanks to Derec’s
efforts and as part of our cost saving measures this past year,
Magnolia is saving between US$70-$90,000 per annum by bringing all our
accounting functionality in-house. Essentially Derec has been
doing two jobs for the price of one. Despite this, Derec
agreed to take a cut in salary when oil prices hit their lows and
has recently purchased shares in the Company. His commitment
to Magnolia together with his active management of the Company’s
dealings with operators has already saved Magnolia considerable
funds. I look forward to working with him in his new role as
CFO.
“Prior to Lanny Woods joining the
Magnolia team as a Technical Consultant in April, I had worked with
him previously when we were both part of the management team at
Primary Natural Resources I and II, two oil and gas property
acquisition and development companies, which achieved a 3:1 return
on equity upon divestment. Together with the rest of the
Board, we are focused on achieving similar success with
Magnolia. Following the recent signing of our agreement with
Western Energy Development LLC which will see us earn fees and
equity interests in new leases and wells in Oklahoma through the management of up to
US$18.5 million, we have a platform
in place to fast track the delivery of our objective and I look
forward to providing further updates on our progress.”
The following information is disclosed pursuant to Schedule 2(g)
of the AIM Rules for Companies:
Mr Derec Lane Norman, aged 34,
has not held any directorships or partnerships in the past 5
years.
Mr Norman has an interest over 13,356,283 ordinary shares
representing 0.51 per cent. of the total issued share of the
Company and also holds 6,000,000 options over ordinary shares in
the Company.
The following information is disclosed pursuant to Schedule 2(g)
of the AIM Rules for Companies:
Lanny Woods, aged 60, has held
directorships or partnerships in the past 5 years.
Current Directorships |
Past Directorships |
|
|
Jireh Resources LLC |
|
Non-profit Bridge Builders
International |
|
Mr Woods currently owns 9,765,625 shares of the Company.
There is no further information to be disclosed pursuant to
Schedule Two, paragraph (g) of the AIM Rules for Companies.
* * ENDS * *
For further information on Magnolia Petroleum Plc
visit www.magnoliapetroleum.com or contact the
following:
Rita Whittington |
Magnolia Petroleum Plc |
+01918449 8750 |
Jo Turner / James Caithie |
Cairn Financial Advisers
LLP |
+44207213 0880 |
Colin Rowbury |
Cornhill Capital Limited |
+44207710 9610 |
Lottie Brocklehurst |
St Brides Partners Ltd |
+44207236 1177 |
Frank Buhagiar |
St Brides Partners Ltd
|
+44207236 1177 |