Bankers Petroleum Ltd. announced the appointment of Mr. David Lawrence French as President and CEO effective April 2013, subject to regulatory approvals. Abdel ("Abby") Badwi who is retiring from his current executive role will continue to serve as a Director and Vice Chairman of the Board.
David French, aged 43, is an international energy executive with 22 years of experience in the development and production of oil and gas fields in North America and overseas. He graduated from Rice University in Mechanical Engineering and has a Master of Business Administration from Harvard Business School. Before this appointment he was Vice President of Business Development, coordinating acquisitions and divestments with Apache Corporation in Houston. With Apache, he has also served as Region Production Manager for Apache Canada in Calgary where he was involved in all areas of gas and oil operations including secondary and enhanced oil recovery, in Alberta and Saskatchewan; he has also served as Director of global HS&E in Houston. Mr. French worked for several years with McKinsey & Company in Houston, a management consulting firm where his work focused on energy firm growth, portfolio management, and capital efficiency. He started his career with Amoco where he gained extensive experience in oilfield operations with secondary and enhanced oil recovery projects in Texas and New Mexico.
"Mr. French's expertise in enhanced oil recovery, merger and acquisitions, capital management, and health, safety and environment stewardship will prove very valuable for Bankers' future development and growth strategy," commented Robert Cross, Bankers' chairman of the Board, he added, "Abby will continue to provide assistance where needed, particularly in Albania and in the capital markets where his relationships are a key asset for the Company. Abby and his team have taken Bankers from 5,000 barrels of oil per day to 17,000 bopd in just over five years despite two financial crises and the challenges associated with brownfield development. He is leaving his executive role at a time when Bankers is very well positioned on all fronts, with an excellent technical team, quality management at all levels, a strong balance sheet, and a diversified group of buyers for our crude oil. Probably most importantly, Bankers is currently producing free cash flow, net of capital spending. The Board and Management of Bankers would like to extend their best wishes for Abby and his wife, Sandy, in their retirement and to David and his family on his new appointment and future with Bankers."