SandRidge Energy Inc. announced on July 13 the resignation of President and CEO Carl Giesler Jr. “in order to pursue another career opportunity,” a release from the Oklahoma City-based independent E&P company said.

In the release, SandRidge Chairman Jonathan Frates thanked Giesler for his leadership since joining the company in April 2020. He had previously served as CEO of Jones Energy Inc., where he spearheaded its cost and operational turnaround that led to its $201.5 million all-cash buyout.

UPDATE:

Southwestern Energy Appoints Former SandRidge CEO Carl Giesler as CFO

At the helm of SandRidge, Giesler “guided SandRidge through a difficult period to reposition the company and to right-size its cost structure,” Frates said in a statement.

SandRidge operates primarily in the Midcontinent region of Oklahoma and Kansas. Earlier this year, the company closed the sale of its North Park Basin asset to privately held Gondola Resources LLC, which completed SandRidge’s transformation into a pure-play Midcontinent E&P company as part of a strategy to boost shareholder value.

Giesler’s resignation, which also includes from the SandRidge board of directors, will be effective July 16 and is not the result of any disagreement with the company or any matter relating to the company’s operations, policies or practices, according to the release.

On July 13, SandRidge also announced the appointment by its board of Grayson Pranin as president and CEO in addition to his current role as COO.

Pranin’s appointment, SandRidge said, represents a continuation of the board and the company’s focus on maximizing cash flow as he has held a significant role in right sizing the company’s cost structure and operations.

Since December 2011, Pranin has served in various engineering, operational and leadership roles with SandRidge Energy. Prior to joining the company, he served in various engineering and operating roles for Pioneer Natural Resources Co.

In his statement on July 13, Frates continued that with the board, Grayson and CFO Salah Gamoudi’s leadership, he believes SandRidge is “well positioned to maximize the cash flow of its long-lived, primarily PDP oil and gas properties.”

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