Petrodorado Announces Board & Management Changes

Source: www.gulfoilandgas.com 10/22/2013, Location: North America

Petrodorado Energy Ltd. announces that, effective immediately, Mr. Krishna Vathyam, President and CEO has resigned from the Company. Mr. Vathyam has also relinquished his position as a Director of Petrodorado and its subsidiaries. Mr. Gregg Vernon, a Director since inception, will assume the position of Interim President and CEO.

Mr. Vernon resides in Colombia and has been involved in the active management of a number of South American oil and gas companies (Petro Andina Resources TSX:PAR, Prospero Hydrocarbons and Petromagdalena Energy TSX:PMD and currently Bochica Oil & Gas, a private company). Mr. Vernon is well positioned to ensure operational continuity, along with the support of Mr. Brian Smith, Vice President of Operations and Mr. Chris Reid, Chief Financial Officer.

Petrodorado is pleased to announce the appointment of Mr. Robert Cross, an original founder of Petrodorado, to the Board of Directors, effective immediately. Mr. Cross has an extensive resource and investment banking background and is currently a Director of a number of energy and mining companies (Bankers Petroleum, BNK Petroleum, B2Gold). Following the above changes, the Board of Directors will consist of Mr. Douglas Urch, Mr. Gregg Vernon and Mr. Robert Cross as Chairman.

The Board of Directors will commence a thorough review of the Company and its operations. The review may result in the rationalization of some assets and/or acceleration of exploration activity on its key properties. Additionally, other prospects and opportunities will be considered that would enhance Petrodorado’s asset portfolio and more effectively utilize existing cash resources.

The Board will focus its efforts on cash preservation, commence an active search for a new President and CEO, and will consider further enhancements to the Board of Directors going forward.

Mr. Vathyam has been with Petrodorado since inception and played a key role in assembling the initial asset portfolio. The Board would like to thank him for his diligent efforts and wish him well on future endeavors.


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Related Categories: Events  Executive Recruiting  General  Legal  Petroleum Associations  Professional Associations  Sourcing & Procurement 

Related Articles: Events  Executive Recruiting  General  Legal  Petroleum Associations  Professional Associations  Sourcing & Procurement 


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