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Midstates' President & CEO to Step Down as Company Changes Strategy
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Midstates Petroleum Company, Inc. has reported that John A. Crum will step down from his positions as President, Chief Executive Officer and Chairman of the Board of Directors in order to allow the Company to pursue new leadership and strategic direction.
His resignation will be effective March 31, 2014. Pending the identification and appointment of a new chief executive officer, Dr. Peter J. Hill will serve as interim President and Chief Executive Officer.
Dr. Hill, age 67, has served as a member of the Company’s Board of Directors since April 2013. He has also served as the Non-Executive Chairman of Triangle Petroleum Corporation, an independent oil and natural gas company concentrated in the Bakken, since February 2013 and as a Director of Triangle since December 2009.
Dr. Hill commented, "On behalf of the Board I would like to thank John for the dedication, commitment and contribution he has made to the rapid growth in production and reserve base since the IPO in April 2012. We wish him well in his future endeavors. Going forward, the focus will be on capital efficiency and executing on developing the deep inventory in the Company’s existing portfolio."