Bill
Barrett Corporation (NYSE: BBG) announced today that its Board of Directors has
appointed R. Scot Woodall, Chief Operating Officer, as interim Chief Executive
Officer following Fred Barrett's decision to step down as Chairman of the
Board, Chief Executive Officer, President and a director of the Company,
effective immediately. Jim W. Mogg, lead
independent director, has been elected as non-executive Chairman of the Board,
effectively immediately.
The
Board has formed a Search Committee, comprised of independent directors, to
begin the search for a permanent CEO, and is in the process of retaining a
leading executive search firm. The search process will include a full
review of internal and external candidates. In addition to serving as
interim CEO, Mr. Woodall will maintain his current responsibilities as COO
while the search is conducted.
"The
Board thanks Fred for his dedicated service to the Company since its
inception," said Jim W. Mogg, Chairman of the
Board. "During his tenure, Fred has guided the Company through a
period of prolonged production and reserve growth and as the Company has
transitioned from predominantly natural gas to a more oil-weighted
portfolio. We are pleased to have a proven leader of Scot's caliber to
serve as Interim CEO. The Board believes Scot can help us accelerate our
objectives of improving our financial strength and flexibility while enhancing
shareholder value. Scot's deep understanding of our Company and our
industry gives us confidence in his ability to lead as we conduct our search
for a permanent replacement."
Fred
Barrett commented: "This is the right time to focus my energy and
expertise on other activities and on my family. I am pleased with what we
have accomplished over the past 11 years, including our strategic decision to
position the Company in oil-rich areas and increase oil production and
reserves. I take pride in the success of Bill Barrett Corporation and
have great confidence in its future success."
"I
am honored to have been selected to lead Bill Barrett Corporation on an interim
basis," said Scot Woodall, Chief Operating Officer and interim Chief
Executive Officer. "Bill Barrett Corporation is financially strong, and we
are committed to improving performance and cash flow through our continued
focus on driving exceptional oil production growth in 2013 and 2014. I
look forward to working closely with the Board, management team and Bill
Barrett Corporation's talented and dedicated employees to capitalize on our
existing low risk opportunities, maximize returns, and enhance shareholder
value."
About
R. Scot Woodall
Mr.
Woodall has served as Chief Operating Officer since July 2010. Mr.
Woodall previously served as Executive Vice President-Operations from February
2010 until July 2010 and as Senior Vice President-Operations from April 2007
until February 2010. Prior to joining Bill Barrett Corporation, Mr.
Woodall served as Senior Vice President-Western US for Forest Oil Corporation
from 2004 to April 2007 and as Drilling and Production Manager for Forest Oil
Corporation from 2000 until 2004. Mr. Woodall has over 28 years of industry
experience.
About
Jim W. Mogg
Mr. Mogg has served as a director of the Company since May 2007
and as Lead Director from February 2010 until January 2013. Mr. Mogg also has served as a director for ONEOK, a publicly
traded diversified energy and natural gas distribution company, since July 2007
and ONEOK Partners, a master limited partnership that operates natural gas and
natural gas liquids gathering, processing, pipelines, and fractionation assets,
since August 2009. From 2005 until 2007, Mr. Mogg
served as chairman of DCP Midstream Partners and from 2004 through 2006, Mr. Mogg was Group Vice
President and Chief Development Officer for Duke Energy Corporation. From 2000
through 2003, Mr. Mogg was Chairman, President and
CEO of Duke Energy Field Services and, as a member of TEPPCO's board, served as
Vice Chairman/Chairman. Previously, Mr. Mogg held
various executive and senior management positions at Duke Energy and Pan Energy
over a 27 year period. Mr. Mogg has also served on
several nonprofit and industry boards, including being a past President of the
Gas Processors Association.
ABOUT
BILL BARRETT CORPORATION
Bill
Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, explores
for and develops oil and natural gas in the Rocky Mountain region of the United
States. Additional information about the Company may be found on its website www.billbarrettcorp.com.