Roan Resources, Inc. Announces Resignation of Tony Maranto, Chief Executive Officer
Roan Resources, Inc. (NYSE: ROAN) (Roan or the Company) today announced the resignation of Tony Maranto from his positions of Chairman of the Board of Directors, Chief Executive Officer and President, effective as of April 12, 2019, for personal reasons.
Roan Resources, Inc. (NYSE: ROAN) (“Roan” or the “Company”) today
announced the resignation of Tony Maranto from his positions of Chairman
of the Board of Directors, Chief Executive Officer and President,
effective as of April 12, 2019, for personal reasons. In connection with
Mr. Maranto’s resignation, Joseph A. Mills, who has served on the
Company’s Board of Directors since November 2018, has been appointed to
the position of Executive Chairman of the Board and will assume the
duties and responsibilities of the principal executive officer of the
Company. These are both effective April 15, 2019, on an interim basis
until the search for a new Chief Executive Officer is complete.
All of the senior management of Roan remains in place and will report to
Mr. Mills. Mr. Mills intends to devote a meaningful amount of his time
to manage the day-to-day affairs of the Company. As a member of Roan’s
Board of Directors, Mr. Mills is deeply familiar with all aspects of
Roan’s business. Mr. Mills experience at Roan and his established
relationships with Roan’s management team will ensure no disruptions in
the operations of Roan’s premier assets.
Mr. Mills currently serves as the President and Chief Executive Officer
of Samson Resources II, LLC, a position he has held since March 2017.
Prior to joining Samson Resources, Mr. Mills served in various roles,
including Chairman and Chief Executive Officer positions for several
public and private oil and gas companies, including Eagle Rock Energy
G&P, LLC and Montierra Management LLC. He also served in director and
executive officer positions at several other industry related companies.
Mr. Mills received a Bachelor of Business Administration degree in
Petroleum Land Management from the University of Texas and a Master of
Business Administration degree in Finance from the University of
Houston. Additional information on Mr. Mills can be found in the Form
8-K filed by the Company on November 6, 2018.
“We thank Tony for his dedicated service to Roan and wish him well,”
said Mr. Mills. “I know the Company well from my service on its Board
and am excited to assume the role of Executive Chairman. Roan has a
premier and unique asset with over 170,000 acres in the core of the
Anadarko basin, offset by best in class operators such as EOG, Cimarex,
Continental, Marathon and Encana. I am very excited about the strength
and quality of our asset base, our very strong management team and
highly technical employee base. The fourth quarter wells continue to
demonstrate an attractively low decline rate under our pressure
management techniques. 15 of the fourth quarter wells have achieved at
least 120 days of production, with an average 120-day production rate of
1,036 Boe per day (48% oil, 22% NGLs, 30% gas), normalized to a
10,000-foot lateral. This compares favorably to the average 90-day rate
of 1,089 Boe per day (49% oil, 21% NGLs, 30% gas) for the identical well
set, also normalized to 10,000-feet. I look forward to working closely
with all the talented employees of Roan to help capitalize on the
opportunities ahead.”
The Board of Directors plans to engage an executive search firm to find
a permanent replacement for the Chief Executive Officer position.
About Roan Resources
Roan is an independent oil and natural gas company headquartered in
Oklahoma City, OK focused on the development, exploration and
acquisition of unconventional oil and natural gas reserves in the Merge,
SCOOP and STACK plays of the Anadarko Basin in Oklahoma. For more
information, please visit www.RoanResources.com,
where we routinely post announcements, updates, events, investor
information, presentations and recent news releases.
Cautionary Statements
This press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
All statements, other than statements of historical fact, are
forward-looking statements which contain our current expectations about
future results. These forward-looking statements are based on certain
assumptions and expectations made by the Company, which reflect
management’s experience, estimates and perception of historical trends,
current conditions and anticipated future developments. Such statements
are subject to a number of assumptions, risks and uncertainties, many of
which are beyond the control of the Company, which may cause actual
results to differ materially from those implied or anticipated in the
forward-looking statements. When considering these forward-looking
statements, you should keep in mind the risk factors and other
cautionary statements found in the Company’s filings with the Securities
and Exchange Commission, including its Annual Report on Form 10-K, and
any subsequently filed quarterly reports on Form 10-Q or current reports
on Form 8-K.
We caution you that these forward-looking statements are subject to
all of the risks and uncertainties, most of which are difficult to
predict and many of which are beyond our control, or incidental to the
development, production, gathering and sale of oil, natural gas and
NGLs. These risks include, but are not limited to, commodity price
volatility, inflation, lack of availability of drilling and production
equipment and services, environmental risks, drilling and other
operating risks, regulatory changes, the uncertainty inherent in
estimating reserves and in projecting future rates of production, cash
flow and access to capital, the timing of development expenditures and
the other risks.
Should one or more of the risks or uncertainties described occur, or
should underlying assumptions prove incorrect, our actual results and
plans could differ materially from those expressed in any
forward-looking statements.
All forward-looking statements, expressed or implied, included in
this release are expressly qualified in their entirety by this
cautionary statement. This cautionary statement should also be
considered in connection with any subsequent written or oral
forward-looking statements that we or persons acting on our behalf may
issue.
Except as otherwise required by applicable law, we disclaim any duty
to update any forward-looking statements, all of which are expressly
qualified by the statements in this section, to reflect events or
circumstances after the date of this release.
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