Double Eagle Petroleum Co. (NASDAQ: DBLE) has elected Roy Cohee, a company director since 2001, as chairman of the board of directors, replacing Richard Dole, who will continue to serve as the company's president and CEO and as a member of the board.
The board has determined that separating the offices of chairman of the board and CEO will facilitate the board's active engagement in reviewing and setting the strategic direction of the company. Sigmund Balaban will replace Cohee as chairman of the board’s Compensation Committee.
Cohee is president of C & Y Transportation Co., a privately held company focused on the transportation and storage of oilfield equipment and supplies throughout the Western US and Canada. He served in the Wyoming Legislature from 1999 through 2010 in a variety of positions, including chairman of House Revenue, House Transportation and Highways, Select Committee on Local Government Finance, Capital Finance and Investments, Majority Floor Leader, and Speaker of the House.
The company has also begun a search for a CFO. Kurtis Hooley, the company's COO, assumed the role of CFO upon the resignation of the prior CFO in August. Double Eagle Petroleum believes that it needs to engage a new CFO so that Hooley can focus on operations. He will work with the CEO in identifying and hiring his successor as CFO.