Midstates Petroleum Announces the Appointment of David J. Sambrooks as President, Chief Executive Officer, and Board Member
Midstates Petroleum Company, Inc. (NYSE: MPO) (“Midstates” or the
“Company”) today announced that the Board of Directors (“Board”) has
appointed David J. Sambrooks as President, Chief Executive Officer and a
member of the Board, effective November 1, 2017. Mr. Sambrooks succeeds
the Company’s current President and Chief Executive Officer, Mr. Jake
Brace, who will continue to serve on the Company’s Board.
Mr. Sambrooks has over 37 years of experience in the energy industry.
Most recently he served as the President, Chief Executive Officer and a
member of the Board of Directors of Sabine Oil & Gas, LLC (which was
formerly known as NFR Energy LLC) from 2007 to 2016. In his roles at
Sabine, Mr. Sambrooks led strategic, financial, operational, business
development and organizational efforts. Mr. Sambrooks previously served
as Vice President and General Manager of the Southern Division for Devon
Energy Corporation as well as Vice President and General Manager of
Devon’s International Division from 2001 to 2007. Prior to Devon, Mr.
Sambrooks’ career included key leadership and technical roles in
domestic and international operations with Santa Fe Energy Resources,
Oryx Energy and Sun Oil Company.
Mr. Sambrooks holds a Bachelor’s of Science degree in Mechanical
Engineering from The University of Texas at Austin, and a Masters of
Business Administration from The University of Houston. Mr. Sambrooks
serves as board president of the non-profit Communities in School of
Houston and has served as a board member and volunteer for various
non-profit organizations.
Alan Carr, Chairman of the Board of Midstates, commented, “On behalf of
our Board of Directors, we are extremely pleased to welcome David as the
President and Chief Executive Officer of Midstates Petroleum. We
conducted an extensive search for the right person to lead our strong
technical and financial teams and are confident that David's vast
industry experience and track record of operational excellence at other
exploration and production companies make him the ideal fit to lead the
next phase of our Company.”
Mr. Sambrooks remarked, “I am very excited to join Midstates, and I
believe we have an excellent platform for value growth. Our large core
position in the Mississippian Lime generates significant cash flow, we
have very low net debt, and we have an experienced and talented staff.
These attributes allow us many options for growing and increasing the
value of Midstates. I am eager to begin working with Midstates’
management team, all of our employees, and our shareholders to lead us
through the next chapter of the Midstates’ story, which I believe will
be one of significant value creation. My wife Lisa and I look forward to
becoming part of the Tulsa community.”
Mr. Carr added, “The Board also wants to thank Jake Brace for his strong
leadership, dedication and guidance, as both CEO and a member of
Midstates’ Board over the past two and half years. Due in large part to
his efforts, Midstates is a company that is well-positioned for the
future.”
About Midstates Petroleum Company, Inc.
Midstates Petroleum Company, Inc. is an independent exploration and
production company focused on the application of modern drilling and
completion techniques in oil and liquids-rich basins in the onshore U.S.
The Company’s operations are currently focused on oilfields in the
Mississippian Lime play in Oklahoma and the Anadarko Basin in Texas and
Oklahoma.
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Copyright Business Wire 2017
Source: Business Wire
(October 25, 2017 - 4:30 PM EDT)
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