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Renegade Petroleum Shuffles Management Team

Share Print Bookmark    |    Thursday,October 10,2013

Renegade Petroleum Ltd. has reported the departure of Mr. Michael Erickson, President, Chief Executive Officer and a director of the Company, effective immediately.

The Renegade board of directors and Renegade's management team thank Mr. Erickson for his contributions to the Company and wish him success in the future.

Mr. Andrew Greenslade P.Eng., the Vice President, Operations of the Company, has been appointed Interim Chief Executive Officer. The role previously performed by Mr. Erickson will be undertaken by a committee of executives, which includes Mr. Greenslade, Mr. Mark Lobello, Interim Chief Financial Officer, Mr. Russ Walz, Interim Vice President, Exploration and Mr. Randy Berg, Vice President, Business Development and Land. These executives will serve in this role while the Board, through the Corporate Governance, Compensation and Nominating Committee of the Board, conducts a search for a new President and Chief Executive Officer. The Nominating Committee will also conduct a search in order to strengthen the Board by adding highly skilled individuals with significant oil and gas experience.

Renegade also announces that Mr. D.M. (Bud) McDonald has resigned as Chairman of the Board and that Mr. Thomas Budd has been appointed to replace Mr. McDonald as Chairman. Mr. Thomas Budd is an independent director who also serves on the Special Committee and Audit Committee of the Board.

Renegade's Special Committee is continuing its strategic review through the assistance of Macquarie Capital Markets Canada Ltd. and TD Securities Inc., joint financial advisors to the Board. While the Special Committee has considered a broad range of additional steps to enhance shareholder value, including various corporate transactions and asset sales, as previously announced, Renegade will not disclose developments with respect to the review until the Board has approved a change to the business plan, or any particular transaction, or otherwise determines that disclosure is required or appropriate. There can be no assurances or guarantees that the review will result in an acceptable transaction or any change to the current business plan.