Petro River Oil Corp. has announced, as a part of its restructuring process, that Stephen R. Brunner has agreed to join the Petro Rivers' Executive Management Team. Mr. Brunner will serve as President of Petro River and has been tasked with making oil and gas related decisions in an effort to help turn-around the Company in the midst of unstable energy markets. Under the terms of the contract, Mr. Brunner is granted the right to purchase up to 1.25% of the Company's outstanding common stock, subject to vesting schedules, aligning his interests strongly with shareholders. He also has the right to purchase an additional 1.75% of the Company's common stock subject to shareholder approval on the increase of the current stock option plan and achieving pre-defined target objectives.
Mr. Brunner commented, "I am excited for the opportunity to step-in to a company that once had a great deal of promise. These have been challenging times for small domestic producers, but depressed commodity prices have also created opportunities to take advantage of if you have the staying power and know where to look. My goal is to re-position Petro River to best exploit these opportunities and allow us to add meaningful reserves that create shareholder value."According to Executive Chairman Scot Cohen, "We are confident that Mr. Brunner's results driven perspective, proven leadership and ability to attract top-level talent, and track record of success navigating public companies in the past will benefit the Company and our shareholders as we position for future growth." Scot Cohen will remain in his position as Executive Chairman.
Stephen R Brunner
Mr. Brunner has over 30 years domestic and international operations background in the exploration and production industry as well as extensive public company management experience. Mr. Brunner most recently served as the President and Chief Executive Officer of Constellation Energy Partners where he has been in various roles since 2008. Mr. Brunner also served as the Executive Vice President for Pogo Producing Company responsible for business units both domestic and international. During his tenure at Pogo, he also served as the Resident Manager of Thaipo Limited, a subsidiary of Pogo located in Thailand, responsible for all aspects of offshore oil and gas development. Mr. Brunner also held various positions with Zilkha Energy Company, Chevron Corporation and Tenneco Oil Company prior to Pogo.
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/refining/06112015/stephen-brunner-named-president-of-petro-river-oil-corp-1560/