VAALCO Energy, Inc. (NYSE:EGY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 22, 2019, VAALCO Energy, Inc. (the “Company”) announced the departure of Philip Patman, Jr., its Chief Financial Officer (principal financial officer), effective March 31, 2019.Elizabeth D. Prochnow, the Company’s Chief Accounting Officer, has been appointed by the Board to the role of Chief Financial Officer effective April 1, 2019.Mr. Patman’s departure was not related to any issues regarding financial disclosures, accounting or legal matters.
Ms. Prochnow has served as VAALCO’s Chief Accounting Officer since joining the Company in March 2015. Ms. Prochnow has held a variety of senior finance leadership positions including Executive Vice President, Chief Financial Officer of Sterling Construction Company, Inc., and Vice President, Finance and Chief Financial Officer of Bristow Group Inc. Ms. Prochnow began her career as a public accountant at Arthur Andersen LLP in 1981. Ms. Prochnow holds a Bachelor of Arts and a Masters of Accounting from Rice University and is a certified public accountant in the State of Texas.
In connection with Ms. Prochnow’s new role as Chief Financial Officer, the Company will pay Ms. Prochnow an annual base salary in the amount of $265,000. Ms. Prochnow’s target bonus amount under the Company’s bonus plan will be 40% of her base salary. She remains eligible to participate in the Company’s 2014 Long-Term Incentive Plan and 2016 Stock Appreciation Rights Plan. All other benefits remain unchanged. Ms. Prochnow does not have a written employment agreement and continues to be employed at will.
The Company also announced that the Board has appointed Michael Silver as Vice President and General Counsel effective April 1, 2019. Mr. Silver has nearly 30 years of experience in the energy industry. Prior to joining the Company in November 2018 in a non-executive role, Mr. Silver served as Managing Counsel for the Petroleum Division of BHP Group plc, Senior Counsel at Constellation Energy Commodities Group, Inc. and spent 17 years at ExxonMobil Corporation in the law department with multiple roles of increasing responsibilities. Mr. Silver holds a Bachelor of Arts degree in International Affairs from Lafayette College, an M.B.A. from the Duke University Fuqua School of Business and a J.D. from the Duke University School of Law.Mr. Silver is a member of the State Bar of Texas.
There are no understandings or arrangements between Ms. Prochnow and any other person to which she was selected to serve as the Chief Financial Officer of the Company, and there are no understandings or arrangements between Mr. Silver and any other person to which he was selected to serve as the Vice President and General Counsel of the Company. There are no relationships between either Ms. Prochnow or Mr. Silver and the Company or any of its subsidiaries that would require disclosure to Item 404(a) of Regulation S-K of the Securities Exchange Act of 1934.
A copy of the press release announcing Mr. Patman’s departure, Ms. Prochnow’s appointment as the Company’s Chief Financial Officer and Mr. Silver’s appointment as Vice President and General Counsel is attached hereto as Exhibit 99.1 and incorporated herein by reference.
With the appointment of Ms. Prochnow as Chief Financial Officer, Ms. Prochnow is the Company’s principal financial officer.She will continue to serve as the Company’s principal accounting officer.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits.
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Exhibit Number |
Description |
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99.1 |
Press Release, dated March 22, 2019 |
VAALCO ENERGY INC /DE/ Exhibit
EX-99.1 2 egy-20190322xex99_1.htm EX-99.1 Exhibit 991 Exhibit 99.1 VAALCO ENERGY,…
To view the full exhibit click here
About VAALCO Energy, Inc. (NYSE:EGY)
VAALCO Energy, Inc. is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of crude oil and natural gas. Its segments include Gabon, Angola, Equatorial Guinea, the United States, and Corporate and other, which includes corporate and operations support. It owns producing properties and conducts exploration activities as an operator in Gabon, West Africa; conducts exploration activities as an operator in Angola, West Africa, and participates in exploration and development activities as a non-operator in Equatorial Guinea, West Africa. In the United States, it operates unconventional resource properties in North Texas and hold undeveloped leasehold acreage in Montana. It also owns minor interests in conventional production activities as a non-operator in the United States. Its Etame Marin block is located offshore the Republic of Gabon. It owns over 640-acre lease in the Hefley field (Granite Wash formation) in North Texas.