Permian Basin operator Ring Energy announced the promotion of Travis Thomas to CFO, succeeding Randy Broaddrick, who held the role since its reverse merger with Stanford Energy in 2012.
In a release by the company on March 24, Ring Energy said that Broaddrick’s departure was not related to any issues regarding strategy, financial disclosures, accounting or legal matters, or any disagreements with management or the board.
Broaddrick will remain in the Tulsa, Okla., area, where Ring Energy previously had an office located, to spend more time with his family, pursue other interests, and, per the release, will continue in a supportive role to the company as needed.
“We want to thank Randy for his extensive contributions and dedication to Ring since its inception nine years ago,” Paul McKinney, Ring Energy’s chairman and CEO, said in a statement in the release. “He has been instrumental in our success and growth and we truly appreciate his financial leadership.”
“We wish Randy the very best in all his future endeavors,” McKinney added.
Effective Jan. 19, Ring Energy relocated its corporate headquarters from Midland, Texas, to the greater Houston area. Concurrently, the company also announced plans to close offices including its Tulsa office at the end of first-quarter 2021.
The relocation and office closures were described as the key first steps of a new strategic vision for Ring by McKinney, who recently joined the company with the goal of increasing its shareholder value.
In the March 24 release, McKinney went on to congratulate Thomas on his promotion to the executive role on the Ring Energy leadership team.
Thomas, whose current position at Ring Energy is vice president of finance, has 16 years of financial leadership experience and 11 years in the energy industry at both public and private companies, according to the company release. He joined Ring Energy last October from Paradox Resources LLC, a privately held, independent energy company based in Dallas.
“His extensive financial experience will benefit the company as we look forward to achieving our strategic goals of delivering profitable growth and value for our shareholders,” McKinney said of Thomas.
Prior to joining Ring, Thomas served as chief accounting officer at Paradox Resources where he was responsible for all financial affairs of the company. He is also a member of several industry organizations including the Petroleum Accountant Society of Houston and the Houston Energy Finance Group.
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.
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