Steve Hanson appointed CEO of International Frontier Resources
Calgary-based International Frontier Resources (ticker: IFR) announced today that its Board of Directors has approved a new management structure for the company. Under the new structure, President Steve Hanson has been appointed CEO, and Pat Boswell, previously CEO and Chairman of the Board, has transitioned to Chairman Emeritus. In his new role, Mr. Boswell will continue to advise the company on its strategic plans and work towards their successful implementation. Andy Fisher, formerly Manager Mexico, was also named IFR’s new COO, the company said in a press release.
“I am pleased that Steve Hanson has agreed to become our new Chief Executive Officer,” said Boswell. “When he joined IFR as President, Steve was tasked with getting the company involved in a new project area. As a result of his efforts and our group’s incredible teamwork, IFR is now positioned to become a major player in Mexico’s unprecedented energy reform. I look forward to my advisory focus and continued role as a Director in what will be a transformational year for IFR.”
IFR sees big upside in Mexico
IFR hopes to be among the first movers into the newly liberalized Mexican oil and gas industry. The company won a bid on the Tecolutla block in the Tampico-Misantla basin located with the state of Veracruz, which it plans to develop through Tonalli Energia, a Mexican company jointly owned with Mexican petrochemical company Grupo Idesa.
IFR continues to build a team with expertise on the Mexican oil and gas industry
Today’s announcement is the latest in a string of additions to IFR’s management as the company looks to set itself apart in Mexico. In July, the company announced that former PEMEX CFO Ignacio Quesada Morales joined its Board of Directors, followed shortly thereafter by the addition of Colin Mills to its board. Mills’ background includes a number of executive roles with TransAlta Corporation, one of Canada’s largest publicly traded power generators and marketers of electricity and renewable energy. During his tenure, he held key positions including Director General and Chairperson of the Board of TransAlta Mexico.
“At IFR we have continued to build and expand our experienced team with recent additions to our board and operations to ensure our success and growth in Mexico,” Hanson told Oil & Gas 360® following the announcement of his appointment to CEO. “The background of our technical, operations and executive team have a track record of growth while managing risk.”
Mexico oil development, exports have plenty of room to grow
Mexico’s oil exports turned around earlier this year after falling since 2012. Notwithstanding this year’s reversal, oil exports remain at low levels and were down 36% in the first seven months of 2016 compared with the same period a year ago, according to the Dallas Federal Reserve Bank.