Gastar Exploration Inc. (AMEX: GST) said Feb. 27 that President and CEO J. Russell Porter will be leaving Gastar after almost 14 years with the company.
The Houston company's board of directors have appointed Jerry Schuyler, Gastar's chairman, as interim CEO, effective immediately. Porter will remain with Gastar during a transitional period to assist Schuyler. He will also be available to Gastar on a consulting basis, according to the company's press release.
Schuyler said in a statement, "Russ has been an exemplary leader of Gastar for almost 14 years and was instrumental in successfully building Gastar's assets in numerous basins as well as assembling a very capable management team and staff. He navigated Gastar through several financial and industry downturns that a significant number of other companies did not survive. The entire board of directors thanks him for his service and wishes him well in his future endeavors."
In addition, Schuyler said the refinancing of Gastar's capital structure in 2017, its pending sale of the WEHLU asset and recent operations results has given Gastar's board a "high degree of confidence in Gastar's future and its ability to continue unlocking the value of its very attractive Stack play assets."
In addition to his role as chairman of Gastar's board, Schuyler currently serves as an independent director for Penn Virginia Corp. (NASDAQ: PVAC), an E&P focused on the Eagle Ford Shale. He also previously served as an independent director for various E&Ps including privately-funded Yates Petroleum Corp. and Gulf Coast Energy Resources Co. and publicly-traded Rosetta Resources Inc.
Schuyler formerly served as a director for Laredo Petroleum Inc. (NYSE: LPI), where he also held the position of president and COO from 2008 until his retirement in 2013. He has a Bachelor of Science degree in Petroleum Engineering from Montana College of Mineral Science and Technology.