Armada Oil Inc. (OTCBB:AOIL) has reported various changes to its executive management team and board of directors in anticipation of increasing drilling and production management activity.
J. Clint Unruh has been promoted to the position of COO. HE was previously executive vice president – Land and Administration. He will now be responsible for direct oversight of all land, drilling and operational personnel and activities and will assist the CEO with a number of day to day administrative functions.
Ray L. Unruh, who co-founded the company in 2003 along with Randy M. Griffin, CEO, will now serve as executive vice president in addition to his previous roles as corporate secretary and a member of the board of directors. Unruh will assist the CEO and COO in the evaluation of drilling and acquisition opportunities and the planning and implementation of drilling programs.
James J. Cerna, Jr. has resigned as president in order to pursue other opportunities but will continue as a member of the board of directors.
Marceau N. Schlumberger has resigned as a director of the company. He is the managing member of Gulfstar Manager LLC, the manager of Gulfstar Resources LLC (Gulfstar), and he owns a 3% interest in Gulfstar. As a result of the recent Gulfstar transactions, the company now owns a minority interest in TNR Holdings, LLC (TNRH). Since Schlumberger’s primary responsibility related to the company is now associated with the Gulfstar ownership interest in TNRH, he felt that the best interests of both Gulfstar and the company would be served by his focusing his time and energy on helping to build TNRH’s south Louisiana asset base.
The company expects to fill the vacancy on the board created by Schlumberger’s resignation later this year.