People | People-Promotion

Argent President, Co-CEO to Retire; Successor Named

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Argent Energy Trust has reported that Rick Louden, Co-CEO and President, has made the decision to retire and accepted the Trust's request to stay on as a Board member on both Argent Energy Trust and Argent Energy (US) Holdings, Inc., the U.S. operating company located in Houston.

Additionally, Argent is pleased to announce John Elzner will be promoted to President. Rick has headed up the Houston office since the IPO in August 2012 along with John Elzner (who previously served as Executive Vice President), who worked side by side with Rick at Denali Oil & Gas for nine years and then at Argent. Brian Prokop will continue as CEO.

Argent's Houston team has focused on three fundamental concepts - increasing Argent's scale so that any one well or event will not significantly impact the financial results, building a team as Argent grows with both experienced industry veterans but also a foundation of young talent and leaders that will grow with the Trust and lead to success down the road, and increasing Argent's cash flow per unit to strengthen the long term sustainability. Since the IPO, Argent has grown from 1,600 boe/d (23% oil & NGL's) to approximately 6,750 boe/d (71% oil & NGL's) in the fourth quarter of 2013.  The Trust has also assembled a Houston team with upper management having an average 36 years of experience and middle management with an average of 17 years of experience. Most importantly, Argent's cash flow per unit has gone from an annualized rate of$0.35/unit as of the IPO to $1.22/unit in 2013. Management is proud of the progress the Houston team has made and looks forward to continued progress under the new leadership with John Elzner.