Ring Energy Inc. recently announced the departure of President David Fowler and COO Danny Wilson from the executive team at the Midland, Texas-based E&P company with current operations in the Permian Basin.
Both Fowler and Wilson have served in their respective roles at Ring Energy since 2013. The announcement of the pair’s departure also included several promotions to the company’s management team including Alex Dyes to executive vice president of engineering and corporate strategy and Marinos Baghdati to executive vice president of operations
According to a company release on Dec. 16, Fowler will remain in Midland, Texas in a consulting capacity with the company, taking over managing investor relations. He will also be assisting Dyes with business development following his promotion.
Meanwhile, Wilson, who served the company as the executive vice president and COO, is leaving Ring Energy “following the conclusion of a transition period to explore new professional opportunities,” the company release said.
In a statement commenting on the executive management changes, Paul D. McKinney, CEO and board chairman at Ring, thanked Fowler and Wilson “for their contribution to the Ring Energy story since its early days in 2013.”
“The conventional, low decline, and long-life producing assets that form the foundation of this company is the result of their foresight, knowledge, and experience on what it takes to build a great oil and gas company,” McKinney said in the statement. “We are grateful for the opportunity to build upon their success and continue building shareholder value.”
McKinney joined Ring Energy in late September as CEO and board chairman in hopes of helping the company achieve its goal of increased shareholder value.
In a statement, Tim Rochford, co-founder and former chairman of Ring Energy, explained the decision behind the McKinney’s appointment was driven by the board’s discouragement toward Ring’s current stock price and the “apparent lack of understanding and appreciation for the value” that he said the Midland, Texas-based company represents.
“The board concurred with my evaluation that a change in our current approach was necessary and that Paul McKinney had the background, expertise and enthusiasm to effect that change,” said Rochford, who remains with the company in an ongoing advisory capacity.
Ring Energy currently operates in the Permian Basin of West Texas and New Mexico with acreage positions in the Northwest Shelf and Central Basin Platform. The company also holds a nearly 20,000-acre position in the Delaware Basin in Culberson and Reeves counties, Texas, which had been on the chopping block earlier this year.
The deal would create the largest pure-play northern Midland Basin E&P with a 73,000-net-acre position and 12,000 boe/d of production that is expected to more than double through 2020.
The March 20 lease sale in the U.S. Gulf of Mexico brought in $244.3 million in high bids.
Repsol will still hold a 51% stake in the block after the deal.