QualityStocks would like to highlight
Panther Energy (
OTC: PNEG), a development stage oil and gas exploration and production company focused on developing properties in North America. The company plans to minimize the risk of exploration through development of proved petroleum reserves, and expects to maximize profit through strategic acquisition and liquidation of selected oil and gas properties.
In the company’s news,
Panther Energy today issued a corporate update press release discussing its recent name change, new ticker symbol, and a series of significant actions that have contributed to the company’s current position and outlook for the near future.
Last week the company announced the official name change from Innocent Inc. to Panther Energy and today the company started trading under the new ticker symbol PNEG. These changes reflect the company’s ongoing efforts to minimize the risks of exploration by developing proved petroleum reserves and maximizing profit through strategic acquisition and liquidation of selected oil and gas properties. Management chose the name “Panther Energy” to portray the company’s aggressive and stealth strategy to achieve these goals and generate predictable, sustainable company value.
Panther’s journey traces back to an exploration agreement signed in November 2013 with Dallas, Texas-based Evergreen Petroleum. Evergreen was retained to leverage its more than 150 years of experience in the oil and gas industry to serve as general manager of the company’s Exploration Project in the Powder River Basin of Wyoming. Ranking eighth in the Energy Information Agency’s U.S. crude oil production rankings, Panther (at the time doing business as Innocent) solidified its footing in a state recognized by many as being on the cusp of a second oil boom.
The following months entailed a significant C-level adjustment, as well as the expansion of the Company’s board of directors and launch of an advisory panel.
Patrick Johnson, formerly the company’s chief operating officer, in June 2014 was promoted to the role of chief executive officer, succeeding the resigning CEO Wayne Doss. Johnson, a seasoned entrepreneur with a lengthy executive background in the oil and gas, consumer products, and neutraceutical industries, also demonstrated experience in the public and private sectors, as well as in consulting and non-profit operations. Additionally, Terry Lynch was appointed as new president and chairman of the company’s board of directors.
Later that month, the company appointed James Kerr as its new chief financial officer, where he brings more than 20 years of extensive experience in corporate restructuring, mergers and acquisitions, debt consolidation, corporate finance, financial statement preparation, audits and more for both private and public companies.
With managerial restructuring in place, the company in July launched an advisory council to further support corporate initiatives, naming to the council: Peter Kent, a corporate commercial lawyer and business advisor with more than 35 years of experience; Scott Davis, who has managed teams of more than one hundred workers while implementing land strategies in the field for Devon, ConocoPhillips, XTO, Samson, Cimarex, and other E&P companies; and Denis Clement, a highly experienced international business executive with more than 30 years of experience in finance, law, M&A, management and entrepreneurship throughout various industries including financial, oil and gas, mining and technology.
CEO Patrick Johnson stated, “Our team members have laid a solid foundation for Panther to thrive in the North American oil and gas market. We are committed to building a leading, exploration and production company, dedicating our recourses to meet the ever growing demand for dependable energy.”
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
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