Abraxas Petroleum Corp. (NASDAQ: AXAS) said June 7 that CFO Geoffrey R. King will resign to pursue “another opportunity in the financial sector” after roughly five years with the San Antonio-based company.
King’s resignation is not the result of any dispute or disagreement with the company or any matter relating to its accounting practices or financial statements, according to the Abraxas press release.
Abraxas said it plans to immediately initiate a search for King’s replacement. Bill Krog, the current chief accounting officer, will serve as the company’s principal financial and accounting officer for the interim period.
Bob Watson, president and CEO of Abraxas, said in a statement, “We would like to thank Geoff for his contributions to Abraxas over the last five years and wish him success in his new endeavor.”
King will remain with the company until June 26. He has served as Abraxas’s vice president and CFO since 2012, according to the company’s website.
During his time with Abraxas, King helped streamline the company’s asset base in the midst of an industry downturn, resulting in reduced operating expenses by about 70% and a more than doubled production base.
“With the company now boasting years of highly economic drilling inventory in the Delaware Basin, I am confident this highly economic growth will continue to the benefit of shareholders,” King said in a statement. “Importantly, I believe now is the proper time for me to pursue another opportunity given Abraxas’ currently pristine financial condition.”
Prior to joining Abraxas, King worked at Van Eck Associates as a senior energy analyst with a focus on natural resource equities and commodities. Prior to that, he served as an investment banker and in various capital market roles in the global power and energy group at Merrill Lynch.
In addition to its Delaware Basin assets, Abraxas also focuses on the development of conventional and unconventional resources in the Bakken/Three Forks play and Eagle Ford Shale.
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