Appoints Jim Piccone as an Executive Director
- Mr. Piccone was a co-founder of Resolute Energy from whom Elk Petroleum acquired the Greater Aneth Oil Field (GAF) in December 2017.
- Mr. Piccone joined Elk's US management team as the Chief Executive Officer and a Director of Elk Petroleum Inc., Elk's main US subsidiary. His appointment to these roles was effective on 1 January 2018.
- A recognised US oil and gas industry leader and manager, he brings to the ELK Board valuable experience and knowledge of the GAF operations, our Aneth JV party, the Navajo Nation Oil & Gas Company, the US industry legal framework and he has a significant network of contacts in US financial markets.
- Mr. Piccone has already done an outstanding job in implementing a smooth Aneth operatorship transition from Resolute Energy to Elk USA.
Mr. Piccone is an experienced US resource & energy executive with a proven track record of successfully building companies in the US upstream and midstream oil & gas energy sectors. He was retained by Elk USA to be its CEO from 1 January 2018.
Mr. Piccone brings a wealth of experience and knowledge from his previous roles in business development, management, new ventures, mergers and acquisitions, and corporate finance.
Mr. Piccone has 39 years of experience in the US oil and gas business, most recently as a co-founder, director and President of the company that is now Resolute Energy Corporation (NYSE:REN).
Mr. Piccone began his career as an attorney specializing in oil and gas transactions and financings and then moved into executive management and the position of general counsel of a successful NYSE listed company. In 2004, Mr. Piccone co-founded Resolute. Along with overall management of that company as President, Mr. Piccone focused on the company's giant conventional oil asset, the Greater Aneth Field, which is being developed with application of enhanced oil recovery methods, including CO2 flooding. Mr. Piccone has extensive experience in oil and gas financial transactions and participated in Resolute's successful capital markets transaction in 2009 that brought the company public on the New York Stock Exchange. Mr. Piccone has strong relationships with many institutions in the financial world, including some who participated in the Elk's recent financing transactions. Mr. Piccone also has well established relationships with key authorities within the Navajo Nation on whose reservation the Aneth Field is located. As Chief Executive Officer of Elk Petroleum, Inc. (Elk USA), Mr. Piccone will oversee all Company activities within the United States. Mr. Piccone is based at Elk USA's office in Denver, Colorado.
Elk's Chairman, Dr. Neale Taylor commented: "Elk's Board is pleased to welcome Jim as an Executive Director of the Company. Jim brings to Elk's Board a wide range of legal, financial and technical skills, as well as experience in organisation building, business development, management and entrepreneurship. His experience will provide the Board with direct insights to the management of Elk's operations at Aneth and its JV relationship with the Navajo Nation Oil & Gas Company, and he will assist the Board to implement the most appropriate financial, tax, accounting and legal structures for Elk's current US corporate entities."
Mr. Piccone commented: "I am really excited to be joining the Elk Board. The combination of Elk's technical expertise with that of the Resolute team that has joined Elk establishes a high level technical capability for EOR development. The Aneth Field is a world class asset with enormous upside from EOR. This asset in the hands of Elk, with its intense focus on this long-established technology and its proven financial capabilities, provides a unique value proposition for Elk's shareholders. I am honored to have a role in the Elk team."
A summary of the key terms and conditions of Mr. Piccone's executive employment agreement are set out in the attached Schedule. Elk retained Longnecker & Associates, consultants in US executive recruitment and remuneration, to advise on the employment agreement between Elk USA and Mr. Piccone. Longnecker advised that the agreement and the remuneration terms are consistent with current US practices and benchmarks.
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About Elk Petroleum Limited
Elk Petroleum Limited (ASX:ELK) (OTCMKTS:EKPTF) is an oil and gas company specialising in Enhanced Oil Recovery (EOR), with assets located in one of the richest onshore oil regions of the USA, the Rocky Mountains. Elk's strategy is focused on applying proven EOR technologies to mature oil fields, which significantly de-risks the Company’s strategy of finding and exploiting oil field reserves.
Resolute Energy Corp
Elk Petroleum Limited