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Industry Vet Lynn Peterson Poised to Take Helm of Whiting Petroleum
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Whiting Petroleum Corp. has announced the expected appointment of Lynn Peterson, a 40-year oil and gas industry veteran, as Chief Executive Officer, effective as of the Company's anticipated emergence from chapter 11, which is projected to occur on September 1, 2020.
Peterson succeeds Bradley J. Holly, who will resign effective at that time to pursue other interests following the Company's restructuring. Mr. Peterson will also join the Company's Board of Directors.
Bankruptcy Emergence
A hearing to consider confirmation of the Company's chapter 11 plan is scheduled for August 14, 2020, and if the bankruptcy court confirms the plan, the Company expects to emerge from chapter 11 on September 1, 2020. Upon its expected emergence from chapter 11, Whiting will also welcome a new independent Board of Directors that is anticipated to consist of Chairman Kevin McCarthy (Vice Chairman of Kayne Anderson Capital Advisors), Janet L. Carrig (former Senior Vice President & General Counsel at ConocoPhillips), Susan Cunningham (former Executive Vice President at Noble Energy, Inc.), Paul Korus (former Senior Vice President and Chief Financial Officer at Cimarex Energy Co.), Daniel Rice (Founder and Partner at Rice Investment Group, former CEO at Rice Energy) and Anne Taylor (former Vice Chairman & Managing Partner at Deloitte).
About Peterson
Mr. Peterson most recently served as Chief Executive Officer and Chairman of SRC Energy Inc. before its combination with PDC Energy, Inc. in January 2020. Prior to SRC Energy, Mr. Peterson was co-founder, Chief Executive Officer and Chairman of Kodiak Oil & Gas Corp. before its integration with Whiting in December 2014. Mr. Peterson began his career in accounting and auditor roles at Ernst & Young and holds a Bachelor of Science in Accounting from the University of Northern Colorado.
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