CEO of Solimar Energy Ltd. (TSX: V.SXS, Stock Forum), Will Satterfieldhas advised theBoard that for personal reasons he has decided to step down as CEO of the company.
Satterfield will remain on the Board as a non-executive director.
According to the Solimar Energy press release, the Board will in the interim be appointing an executive committee to oversee the operations of the company.
Jason Bednar who has a strong background in the management of oil and gas companies including Pan Orient Energy Corp.(TSX: V.POE, Stock Forum), Canadian 88 Energy Corp., a oil and gas exploration company, and is currently CFO and a director of MENA Hydrocarbons Inc. (TSX: V.MNH, Stock Forum) will head the committee up.
Donn Pedersen, who has been consulting with the company for the past two years, will manage the operations. Pedersen has worked closely with Satterfield and the previous CEO, John Begg.
The Board and Satterfield have agreed that he will assist Jason Bednar and the committee as they assume management of the company.
Solimar is a growing oil and gas production and exploration company with a multi-project asset base.
On Monday, Solimar rose 50% and was trading at $0.015 a share. The company had a market cap of seven million, based on 469.3 million shares outstanding. The 52-week high and low was $0.07 and $0.01 respectively.