Lonestar Resources Limited (ASX: LNR, OTCQX: LNREF) is pleased to announce that, effective immediately, John Pinkerton has joined the Board of Directors of the Company and has agreed to provide consulting advice on strategic issues, capital expenditure plans, acquisitions, and related corporate development matters.
Mr. Pinkerton became a director of Range Resources Corporation in 1988 and was elected Chairman of the Board of Directors in 2008. He joined Range as President in 1990 and was appointed Chief Executive Officer in 1992. In 2012, Mr. Pinkerton retired as CEO and stepped down as Chairman on January 1, 2015. Mr. Pinkerton remains a director of Range. Previously, Mr. Pinkerton served in various capacities at Snyder Oil Corporation for twelve years, including the position of Senior Vice President.
Mr. Pinkerton received his Bachelor of Arts degree in Business Administration from Texas Christian University, where he now serves on the board of trustees, and a Master’s degree from the University of Texas at Arlington.
During his 27-year tenure at Range Resources, Mr. Pinkerton was responsible for guiding it from its small cap origins to be the $13 billion dollar enterprise it is today with a pre-eminent position in the Marcellus Shale, the US’ most attractive unconventional gas basin. As CEO, Mr. Pinkerton transformed the company by establishing the technical expertise to enable a drilling-led strategy complemented by bolt-on acquisitions where synergies would enhance growth. This resulted in a rapid and impressive increase in the scale of the business, and seven consecutive years of double-digit growth in both production and reserves (adjusted for debt). Since 2004, he focused the company on its spread of acreage and reserves in the Marcellus Shale, which is unparalleled in the industry and where the company continues to set new record production rates.
Mr. Pinkerton has widespread skill in the management, acquisition and divestiture of oil and gas properties – including related corporate financing activities – hedging, risk analysis and the evaluation of drilling programs. He has represented the industry in policy matters, serving on the executive committee of America’s Natural Gas Alliance. Bernard Lambilliotte, Lonestar’s Chairman, commented that “John’s industry experience and leadership will be an enormous benefit as Lonestar continues to execute its growth strategy. We are delighted that John shares our vision of growing Lonestar’s reserves and acreage in the Eagle Ford play and know that his contribution will be valuable in delivering our corporate objectives in a successful and disciplined fashion.”
At the same time, the board has decided to seek shareholder approval for a share consolidation of 1 new share for 50 existing shares, and is preparing a resolution to put to shareholders at the next Annual General Meeting. This consolidation will not only put the share price on a similar basis as the Company’s U.S. quoted peers, but materially reduce the transactional fees associated with trading the Company’s shares on the US OTCQX exchange.