Vanguard Natural Resources Inc. has outlined changes to the company including the retention of a financial advisor and the appointment of a new CFO.
The board of directors has retained Jefferies LLC to advise the company in connection with one or more potential strategic transactions, including possible sales or dispositions of assets, joint ventures, strategic partnerships or other similar transactions.
The company has also appointed a new CFO. Effective immediately, Richard Scott Sloan will serve as executive vice president and CFO. Sloan will remain on the board, on which he has served since August 2017, but step down from his roles as chair of the audit committee and member of the compensation committee of the board. Sloan previously held various senior leadership positions over his 27-year career at BP and Hess. He received his BA in Economics from Colgate University and MBA in Corporate Finance from the University of Chicago.
On September 26, 2017, Richard A. Robert, Vanguard's former executive vice president and CFO tendered his immediate resignation. On September 26, 2017, Randall M. Albert was elected to join the board, filling the vacancy created by Robert's resignation. Albert will stand for reelection at the company's next annual meeting of stockholders.
Albert most recently retired from CONSOL Energy after a 34-year career, last serving as COO-Gas. Albert also currently serves as an independent director of Eclipse Resources and non-executive board member at Wellsite Rentals, and is the immediate past chairman of the Marcellus Shale Coalition and a member of the Virginia Tech Mining and Minerals Engineering Advisory Board. Albert holds a BS in Mining Engineering from Virginia Tech.
Additionally, the common stock of Vanguard Natural Resources will begin trading over-the-counter today on the OTCQX Market under the symbol VNRR.
Vanguard Natural Resources Inc. is an independent oil and gas company focused on the acquisition, production and development of oil and natural gas properties. Vanguard's assets consist primarily of producing and non-producing oil and natural gas reserves located in the Green River Basin in Wyoming, the Permian Basin in West Texas and New Mexico, the Gulf Coast Basin in Texas, Louisiana, Mississippi and Alabama, the Anadarko Basin in Oklahoma and North Texas, the Piceance Basin in Colorado, the Big Horn Basin in Wyoming and Montana, the Arkoma Basin in Arkansas and Oklahoma, the Williston Basin in North Dakota and Montana, the Wind River Basin in Wyoming, and the Powder River Basin in Wyoming.