Petrus Resources has announced two new appointments to its senior leadership team.
Ken Gray has been appointed as President and CEO of the company following the resignation of Neil Korchinski.
Mr. Gray is a Petroleum Engineer from Texas A&M with extensive experience in Canada, the North Sea and Alaska and is currently president of a private oil and gas company with operations in Alberta.
In addition, Petrus's interim CFO Chris Graham has stepped down by the position and will be replaced by Matthew Wong, the current controller of the company.
The new appointments point to Petrus's new focus on developing its inventory of low-risk, high-return properties in Alberta to grow cash flow and reduce debt.
Don Gray, the Chairman of Petrus, commented,
"I look forward to a bright future for Petrus."
The company also intends to reduce overhead costs while rewarding its employees with good earnings, job security and support for their communities.
Petrus is a public Canadian oil and gas company focused on property exploitation, strategic acquisitions and risk-managed exploration in Alberta.
Petrus (PRQ) is up 4.88 per cent and is trading at $0.43 per share as of 1:13 pm ET.