PetroCorp signs management agreement with Kaiser-Francis

Aug 03, 1999 02:00 AM

PetroCorp Incorporated announced that its Board of Directors has entered into a Management Agreement with its largest shareholder, Kaiser-Francis Oil Company, under which Kaiser-Francis will provide management, technical and administrative support services for all PetroCorp operations in the United States and Canada. The agreement is subject to shareholder approval, which is anticipated prior to year-end.
Coupled with previously implemented cost reductions, this agreement is expected to reduce the Company's annual general and administrative costs by approximately $ 4.5 mm from 1998 levels.
Upon the recommendation of current President and CEO, W. Neil McBean, PetroCorp's Board of Directors also named Gary R. Christopher as the new President and CEO of PetroCorp. Mr. McBean will continue to serve as a member of the Board of Directors.
Mr. Christopher has served as a PetroCorp director for three years and has been the Acquisitions Co-ordinator for Kaiser-Francis since January 1996. Prior to that, he served for five years as a Senior Vice President and Manager of Energy Lending for Bank of Oklahoma.
"This leadership change, at this time, is in the best interest of all shareholders," said Mr. McBean. "It will allow the Company to move forward and take advantage of the financial strength created by improving product prices and a reduced cost structure."

Kaiser-Francis is a privately-held oil and gas exploration and production company based in Tulsa, Oklahoma. It owns 4.3 mm, or 49.9 %, of the current outstanding common shares of PetroCorp. Like PetroCorp, it has significant holdings in the U.S. mid-continent region as well as Canada.
In addition to its PetroCorp holdings, Kaiser-Francis owns an interest in more than 8,000 oil and gas properties, operating approximately 2,500 of these properties. With net production of 240 mm cfpd of natural gas equivalent, Kaiser-Francis currently has 350 full-time employees.

Headquartered in Houston, Texas, PetroCorp acquires, develops and explores natural gas and oil properties in North America. The Company operates principally in the states of Oklahoma, Texas, Mississippi, Louisiana and Kansas and in the province of Alberta, Canada.

Source: PetroCorp Incorporated
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