There are a number of initiatives that the Board expects to undertake in coming weeks and months including: (1) a comprehensive review of the strategic process performed by Evercore Partners that was recently terminated by the prior Board and management; (2) a strategic alternatives process tied to the non-Marcellus assets referenced above; (3) the finalization of a credit facility for the Company; and (4) the establishment of a closer working relationship with the current operator of the Marcellus assets. The Board intends to be in a position to provide the market with a comprehensive strategic outlook for its two core assets in Marcellus, as well as an update on the other initiatives noted above in due course.
New Director Biographies
Matthew W. Dougherty is a Managing Director of Advisory Research, Inc. (Advisory Research), an investment management firm founded in 1974 with more than $10 billion in assets under management, a significant portion of which is invested in N. American E&P and midstream companies. As Managing Director, Mr. Dougherty oversees the firm's investments in oil and natural gas producers and has served as the Portfolio Manager of the Advisory Research Energy Fund, L.P. since 2005. In this capacity, Mr. Dougherty leads a team with significant expertise in unconventional oil and natural gas assets throughout North America. Mr. Dougherty holds a B.A. in Religious Studies from Saint Lawrence University and is a CFA charterholder. He resides in Chicago.
John V. Lovoi is the managing partner of JVL Advisors, LLC (JVL), a private oil and gas investment advisor and also a manager of Lobo Baya, LLC. Mr. Lovoi is a Director of Helix Energy Solutions Group, a NYSE-listed marine contractor and operator of offshore oil and gas properties and production facilities and Chairman of Dril-Quip, Inc., an NYSE-listed provider of subsea, surface and offshore rig equipment.
For the last 25 years, John Lovoi has held a number of positions in the global oil and gas business, primarily in the areas of investment banking and equity research. From December 2000 until August 2002, Mr. Lovoi served as Head of Morgan Stanley's Global Oil and Gas investment banking practice. He was responsible for managing a global franchise with professionals in Houston, New York, Canada, London and Singapore. Under Mr. Lovoi's leadership, Morgan Stanley generally led all important categories of oil and gas investment banking, most importantly mergers and acquisitions. While in this role, Mr. Lovoi established relationships with some of the most influential people in the global oil and gas business including senior officials at a number of the important National Oil Companies, both within and outside of OPEC.
For the five years prior to being named head of the firm's oil and gas investment banking practice, Mr. Lovoi served as Morgan Stanley's oilfield services and equipment equity research analyst and, from 1998 to 2000, as Head of Morgan Stanley's Global Oil and Gas Equity Research franchise. Mr. Lovoi distinguished himself in this role by being one of the fastest professionals at the firm to achieve a top-three ranking in the prestigious Institutional Investor equity research analyst poll in 1997 and held the number two ranking for the next three years. Throughout this period, Mr. Lovoi was consistently regarded as one of the most influential analysts in this sector and was well known for his stock picking capabilities. Prior to joining Morgan Stanley in 1995, he spent two years as a senior financial executive at Baker Hughes and four years as an energy investment banker with Credit Suisse First Boston.
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