NR..mgmt shakeup/shakout...do... like Palo Alto running co...sounds like
posted on
Jan 14, 2010 09:59PM
Edit this title from the Fast Facts Section
canadian superior has a similar mgmt takeove by palo alto..a hedge fund////
Calgary, Alberta – January 5, 2010 – Triangle Petroleum Corporation (the “Company” or “Triangle”) (OTCBB: TPLM; TSXV: TPE) today announced further changes to its executive
management team as part of a larger cost-cutting and strategic restructuring initiative. Howard Anderson, President and Chief Operating Officer, and Shaun Toker, Chief Financial Officer, will both leave the Company, effective January 4 th, 2010 and December 23rd, 2009, respectively. Mr.
Toker will remain at Triangle through April 30th, 2010 to advise and assist during a transition period. The Company also announced the appointment of Jonathan Samuels, a Director, as the Company’s new Chief Financial Officer. “I would like to personally thank Howard for his commitment, leadership and service to the Company. Likewise, Shaun has accomplished a great deal over the past two years and faced a difficult task in cleaning up, and maintaining the current solid balance sheet during a difficult period for Triangle.” said Dr. Peter Hill, the new Chief Executive Officer of Triangle Petroleum. “Jon brings extensive finance and capital markets expertise and together with a revitalized team of experienced management, brings a deep commitment to building sustainable, long term shareholder value.” Before joining Triangle, Mr. Samuels spent 5 years in principal investing, primarily in the energy sector: Palo Alto Investors, a California based, $1.3 billion investment fund that owns 21% of Triangle; Alpine Investors, a private equity firm; and Orient Global, a Singapore based privatelyheld investment firm. Samuels holds a bachelor’s degree from the University of California, San Diego and an MBA from the Wharton School at the University of Pennsylvania. He is a CFA Charterholder. “I’m honored to join Triangle Petroleum and assume the role of CFO.” said Samuels. “We are currently given very little credit for our asset base and opportunity set. It has been a tough 12 months for the oil and gas sector, but we feel that cost control combined with a disciplined approach to exploration and development spending will allow us to create value in any phase of the economic cycle.” In the past month, Triangle has taken significant action to redefine the strategic direction of the Company. “Our priority is to reduce overhead costs and apply a new technical approach to our asset in Nova Scotia.” said Dr. Hill. “Combined with a revised Board of Directors and management team, our new technical and fiscally disciplined approach will allow the Company