Pacific Exploration & Production Corp. (PEN) is pleased to announce the appointment of Barry Larson as its new Chief Executive Officer, effective February 20, 2017. Mr. Larson will be based at the Company's operating headquarters in Bogota, Colombia. Jim Latimer will continue in the role of interim CEO until the effective date of Mr. Larson's appointment as permanent CEO.
Mr. Larson has over 40 years of oil and gas industry experience, 21 of which have been with operations at the international level. Mr. Larson was most recently a director of Pacific, appointed to the new Board as part of the successful recapitalization and restructuring of the Company, effective November 2, 2016. Concurrent with his appointment as CEO, Mr. Larson has stepped down from his role as a director, effective immediately, as the Board evaluates independent director candidates with skills, experience and capabilities that would be beneficial to the Company and its shareholders.
Gabriel de Alba, Chairman of the Board of Directors of Pacific, commented, "We are extremely fortunate that Barry has agreed to take on the role of CEO, particularly given his historical success in Colombia, including his recent work at Parex. Barry is a proven leader and has tremendous international operating experience with a deep understanding of our E&P assets, which has been enhanced through his active fieldwork on behalf of the Board. We look forward to Barry's leadership as we continue to rebuild Pacific as a competitive low-cost producer and a market leader over the long-term."
Mr. de Alba added "We would also like to thank Jim Latimer for all his contributions as interim CEO. His tireless efforts will allow the Company to maintain momentum during this transition."
Barry Larson said, "I look forward to advancing Pacific's strategic priorities and continuing the value creation initiatives underway. Pacific has a unique set of assets, a strong opportunity set and a skilled and dedicated workforce. While the Company will continue to look at ways to maximize the value of certain assets, the core E&P profile of this company is substantial and I look forward to continue working with our operating leaders and the Board to advance the new Pacific for the benefit of all our stakeholders."
Barry Larson Biography
Barry Larson has over 40 years of oil and gas industry experience, 21 of which have been with operations at the international level. From 2009 until his retirement in 2016, Mr. Larson held the position of Chief Operating Officer at Parex Resources Inc. At Parex, he was responsible for guiding the company and scaling the workforce from a start up position to achieving production of 30,000 bbl/d. Prior to that, he was at Petro Andina Resources Inc., which had Colombian operations, where he served from 2005 to 2009 as Vice President of Operations and Chief Operating Officer. From August 1999 to May 2004, Mr. Larson was co-founder and Vice President of Aventura Energy Inc., a company with operations in Argentina as well as in Trinidad & Tobago. From 1994 until 1998 he was stationed in Argentina with Chauvco Resources International, where he received extensive operating experience first as a Drilling Manager, as Manager of Operations, and later as Vice President of Operations. Early in his career he worked fourteen years for Wintershall Canada as a Drilling and Production Superintendent. Mr. Larson holds a Diploma in Hydrocarbon Engineering Technology from the Northern Alberta Institute of Technology and is currently a member of the board of directors for Madalena Energy Inc.