Arsenal Resources said Oct. 16 appointed Jon Farmer as president and CEO, completing a planned evolution in leadership as the Pittsburgh-based company continues to develop its extensive acreage position in the Marcellus Shale.
The appointment of Farmer, who has been with Arsenal since its formation in 2011 initially serving as vice president of land, took effect Oct. 15. David Wood, who joined Arsenal in 2014 as chairman and then CEO in 2015, will remain as board chairman, according to the company release.
“Jon was one of the founders of this business and has worked diligently and with great collaborative effort to help develop Arsenal to where we are today—people-powered, asset strong,” Wood said in a statement. “Over the years, he has taken on greater and greater responsibilities in the company and demonstrated clear leadership in establishing Arsenal as one of the largest producers of natural gas in the Marcellus. I look forward to continuing to work closely with Jon as chairman of the board, as Arsenal moves forward into its next exciting chapter.”
Farmer most recently served as Arsenal's president and COO. Under his leadership, Arsenal has increased EURs by more than 50% while reducing costs by as much as 57%, the release said.
Prior to joining Arsenal, Farmer spent his career at various Appalachian Basin operators, most recently Falcon Partners. Additionally, he served on the board of Mountaineer Montessori and continues to stay involved in various philanthropic enterprises.
Farmer has a Bachelor of Arts in Political Science and a Juris Doctorate degree. He also is a graduate of the advanced management program at Harvard.
In his new role, Farmer will lead Arsenal as the company continues to unlock “significant value” in its core position of about 130,000 net acres in the southern Appalachian Basin, the release said.
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