East West Petroleum Corp. said on March 14 that CEO David Sidoo stepped down after being named in legal proceedings from the U.S. government regarding a college admissions scandal.
Sidoo, 59, was arrested on March 8 and was charged with conspiracy to commit fraud for allegedly paying $200,000 to the scheme mastermind, William “Rick” Singer, to arrange for people to take the SAT admissions test for his two sons, according to U.S. court documents reviewed by Reuters.
The parties must now renegotiate a deal that would transfer Breitburn's Permian reserves to investors including Elliott and WL Ross through their participation in a $775 million rights offering.
Oil major Exxon Mobil said Jan. 31 it would create three new separate E&P companies, effective April 1, in an effort to double its profit by 2025.
Blackstone Energy Partners made an equity commitment of $500 million in Waterfield Midstream, a Permian Basin oil and gas water management platform.