CALGARY, ALBERTA -- (Marketwired) -- 04/19/13 -- Lone Pine Resources Inc. ("Lone Pine" or the "Company") (NYSE: LPR) (TSX: LPR) today announced the appointment of a permanent Chief Executive Officer, an operational update from the Company's first quarter of 2013 activities and the completion of the semi-annual redetermination of the Company's borrowing base and other amendments to the agreement governing its credit facility.
Appointment of Chief Executive Officer
Lone Pine is pleased to announce the appointment of Tim Granger to the position of President & Chief Executive Officer and as a Director of the Company effective April 22, 2013. Mr. Granger joins Lone Pine with more than 28 years of experience in exploitation, production operations and asset management in the oil and gas industry. Most recently, Mr. Granger served as the Chief Executive Officer and Managing Director of Molopo Energy Limited, an Australian Stock Exchange listed E&P company with assets in Canada and the United States. Prior to joining Molopo Energy Limited in January 2012, Mr. Granger served as the President & Chief Executive Officer and as a Director of Compton Petroleum Corporation, a Toronto Stock Exchange and New York Stock Exchange listed Canadian E&P company from January 2009 to December 2011. Mr. Granger graduated from Carleton University with a Bachelor of Science Degree in Mechanical Engineering.
Patrick R. McDonald, the Chairman of the Board of Directors, stated, "We are very excited to have an experienced leader of Tim's caliber join Lone Pine as our new permanent President & Chief Executive Officer. Tim has a wealth of experience in operations, acquisitions and divestitures and capital markets gained through a diverse set of experiences in the past. These skills will serve him well in his new role as he takes the leadership role in advancing Lone Pine's plan to deleverage our balance sheet and position our portfolio of exciting assets for future growth."
This appointment concludes the process to secure a permanent President & Chief Executive Officer for the Company and the Board of Directors are very pleased with the final outcome. The Board of Directors would like to thank the interim Chief Executive Officer, David Fitzpatrick, for his exemplary performance in leading Lone Pine over the past two months. Pursuant to Mr. Fitzpatrick's agreement with the Company, he will remain an executive officer of Lone Pine on a full time basis through the end of May 2013 to facilitate a smooth transition to new leadership.
First Quarter 2013 Operational Update
In the first quarter of 2013, Lone Pine drilled 8 gross (6.8 net) wells, completed 9 gross (7.3 net) wells and brought onstream 9 gross (7.3 net) wells, all of which were located in the Evi area, with a 100% success rate. Drilling activity at Evi in the quarter primarily focused on infill wells located in the central area of the play where the Company could take advantage of the available cost efficiencies of pad drilling, batch completions and proximity to existing flowlined infrastructure. Lone Pine estimates that pad drilling and batch completions has resulted in up to a 15% reduction in the average drilling and completion costs compared to previous individual well costs of approximately $3.0 million per well. Also, Lone Pine estimates that producing wells that are flowlined into existing infrastructure and that reduce the need for infield trucking have the potential to save up to $4.00 per barrel of average production expenses.
Most Popular Stories
- NSA Defends Global Cellphone Tracking Legality
- Top Websites for U.S. Hispanics
- Networks Vie for U.S. Hispanic TV Viewers
- Ad Counts Rise in 2013 for Hispanic Magazines
- Apple Wants Samsung to Pay $22M for Patent Dispute Legal Bills
- Starbucks Gets Grinchy; No Gingerbread Lattes for Tampa Customers
- Apple Paid Its Lawyers More Than $60MM to Defeat Samsung in Court
- Jobs Report Brings Cheer As Unemployment Drops to Five-year Low
- Economic Bright Spots Not a Sure Boost for President Obama
- US Consumer Borrowing Rose $18.2B in Oct.