Joseph DeDominic, senior vice president and COO of Eagle Ford Shale-focused Sanchez Energy Corp. (NYSE: SN) has resigned to pursue a new opportunity. Chris Heinson, senior manager of reservoir engineering, will assume the role of COO on an interim basis. These management changes are effective at the beginning of January, 2014.
Heinson, an engineer by training, currently oversees reservoir engineering, business planning, and project management for Sanchez. Prior to joining Sanchez in March of this year, he worked for Occidental Petroleum Corp. in various planning and reservoir engineering positions. He holds a bachelor’s degree in Petroleum Engineering from the University of Texas at Austin.
Sanchez Energy Corp., is currently focused on the Eagle Ford Shale, where the company has assembled approximately 125,000 net acres. The company also recently acquired approximately 40,000 net acres targeting the Tuscaloosa Marine Shale. The company noted its that daily production rates have surpassed 20 Mboepd recently, indicating its fourth quarter 2013 production may "come in above the high end of the previous guidance range of 15 to 17 Mboepd, and likewise ahead of our estimate of 16.1 Mboepd for the quarter," said Global Hunter Securities analysts in a note Friday.
"With a smooth COO transition expected, operational performance shaping up to exceed expectations for the quarter and ample line-of-sight growth opportunities through 2014, we continue to count SN shares among our top ideas in the E&P space," the analysts continued.