Print Gasco Energy Inc. has reported the resignation of W. King Grant from his position as the president and chief executive officer of the Company and as a member of the Company's Board of Directors in order to pursue other business opportunities.
Mr. Grant's resignation was not related to any disagreement with the other members of the Company's management or the Board of Directors. Mr. Grant's resignation from the Board of Directors became effective May 10, 2013 and his resignation as president and chief executive officer will become effective at the close of business on May 13, 2013.
The Company also announced today that the Board of Directors has appointed Richard S. Langdon to serve as the Company's interim chief executive officer, effective May 14, 2013. Mr. Langdon, who has served as an independent director of the Company since March 2003, will continue to serve as a director of the Company.
The Board of Directors believes that Mr. Langdon's over 35 years of oil and gas industry experience and lengthy service to Gasco as a director make him ideally suited to assume the responsibilities as interim chief executive officer. He has extensive knowledge of the oil and gas industry and experience in managing oil and gas assets, and has an extensive network of relationships with chief executives and other senior management of oil and gas companies and oilfield service companies throughout the United States. Mr. Langdon is currently the Chairman of the board of directors of Constellation Energy Partners LLC, a public limited liability company focused on the acquisition, development and exploitation of oil and natural gas properties and related midstream assets. Mr. Langdon holds a B.S. in Mechanical Engineering and an M.B.A. from the University of Texas at Austin.
The Company does not expect to enter into any written employment agreement with Mr. Langdon in connection with the matters disclosed in this news release. Mr. Grant will receive severance equal to one month salary plus accrued benefits.
The Board of Directors would like to thank Mr. Grant for his service to Gasco since he joined the company in July 2001 as its chief financial officer, and wishes him every success in his future endeavors.