Roan Resources, Inc. Announces Resignation of Tony Maranto, Chief Executive Officer
15 April 2019 - 10:00PM
Business Wire
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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version on businesswire.com: https://www.businesswire.com/news/home/20190415005213/en/
Alyson GilbertInvestor Relations
Manager405-896-3767IR@RoanResources.com
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