Pioneer Gives 3 Board Seats To SE Asset Management Pioneer Natural Resources Co., Dallas, (NYSE: PXD) has agreed to give investment-management firm Southeastern Asset Management Inc. three board seats. Southeastern holds some 23MM PXD shares, or 20% of outstanding. Pioneer chairman and CEO Scott Sheffield says, “We…welcome their insight and ideas, especially during these difficult and challenging economic times.”
Crusader’s Heinen, Legg Leave PayrollCrusader Energy Group Inc., Oklahoma City, (Amex: KRU) CFO John G. Heinen and COO Paul E. Legg have voluntarily resigned to reduce the financially distressed company’s payroll. Crusader is undergoing a strategic review. Its advisor is Jefferies & Co. Its assets are in the Anadarko, Central Uplift, Fort Worth, Delaware, Val Verde and Williston basins.
TetraTech’s Hertel Resigns; Brightman To Take Posts Tetra Technologies Inc., The Woodlands, Texas, (NYSE: TTI) president and CEO Geoff Hertel will resign on May 5. COO Stuart M. Brightman will take the vacated posts. Hertel will continue to work on the business, though. He says, “…The current market price for our common stock is not reflective of the value we have created…In stepping down…I will be able to concentrate my efforts…in this optimization effort….” Oilfield-services company Tetra also owns Maritech Resources, a Gulf-focused E&P.
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Go to the tape! Watch the video interview with Dan Steele, senior vice president and manager, energy-lending group, Bank of Texas, on current capital markets dynamics.
WORD Up: Editor-in-chief Leslie Haines offers this expression for your interpretation: “a liquidity-enhancing event.” This may be an asset monetization that results in the E&P continuing as a going concern, at least a bit longer, or it may be a management exit that monetizes leadership’s investment. It’s open to strategic interpretation. Your thoughts? Tell Leslie, lhaines@hartenergy.com.
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BP In The U.S. Shales—Hear About It At Developing Unconventional Gas 2009 More than 500 of your peers and competitors plan to attend Developing Unconventional Gas 2009 this April 6-8 in Fort Worth to hear the latest best-practice leadership in finance, A&D, technology, drilling and completion in shale, CBM and tight-gas plays. Keynote presenters include BP North America chief Andy Hopwood, Marcellus leader Range Resources’ John Pinkerton, T. Boone Pickens’ compressed-natural-gas-for-transportation fuel chief Andrew Littlefair and Haynesville leader Petrohawk Energy’s Floyd Wilson.
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Grab Your Assets! The UG Doctor Is Here!The new one-stop website for details on all North American gas-shale, tight-gas, coalbed-methane and shale-oil plays has arrived from Hart Energy Publishing LP. The site is the industry’s most accessible online repository of in-depth financial and technical information about unconventional gas exploration and development. Intelligence includes Oil and Gas Investor and E&P magazine archives on shale plays and news that is updated in real time, several searchable databases, a series of playbooks and maps and the Unconventional Natural Gas Report e-newsletter. Click to visit the new UGcenter.com. Also, take the quick online tour.
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