TULSA, Okla.--(BUSINESS WIRE)--Apco Oil and Gas International Inc. (NASDAQ:APAGF) has announced that its president and chief operating officer, Thomas Bueno, intends to retire effective June 30, 2013.
“This is a smooth, orderly transition that we have developed over the past few years.”
Bueno, 61, will resign his position as chief operating officer effective Jan. 1, 2013, and remain as president of Apco until he retires.
His career spans 40 years. He has worked with the company in various capacities of increasing responsibilities since the mid-1980s. He assumed the role of president and chief operating officer in 2002.
Following his retirement, Bueno plans to be available to act in an advisory role by providing consulting services to the company. During the past five years, Bueno also established a succession plan at Apco.
“We can’t thank Tom enough for his years of service to the company and our shareholders,” said Ralph Hill, Apco’s chairman and chief executive officer.
“Apco has thrived under his leadership and exemplary record. The company’s growth over the years is a credit to Tom and the Apco team.”
In connection with Bueno’s decision, Apco’s board appointed Michael Kyle, 53, to serve as the company’s chief operating officer, effective Jan. 1, 2013.
Bueno recruited Kyle as Apco’s vice president of business development in December 2007. He has been instrumental in establishing Apco’s presence in Colombia, where the company initiated hydrocarbon production earlier this year.
Prior to Apco, Kyle was president and general manager of Occidental Petroleum’s Argentine business unit located in Buenos Aires.
Kyle also held several international management positions with Vintage Petroleum from 1996-2005 and has lived and worked in Argentina and other South American countries during much of the last 20 years.
“Apco remains in very capable, talented hands with Mike, who has helped broaden and diversify the company’s interests,” Hill said. “This is a smooth, orderly transition that we have developed over the past few years.
“I’m very confident that Mike will continue to keep the company on a path of operating and financial excellence that Apco experienced under Tom’s direction,” Hill added.
About Apco Oil and Gas International Inc. (NASDAQ: APAGF)
Apco Oil and Gas International Inc. is an international oil and gas exploration and production company with interests in eight oil and gas concessions and two exploration permits in Argentina, and three exploration and production contracts in Colombia. More information is available at www.apcooilandgas.com. Go to http://www.b2i.us/irpass.asp?BzID=1671&to=ea&s=0 to join our e-mail list.
Our reports, filings, and other public announcements may contain or incorporate by reference statements that do not directly or exclusively relate to historical facts. Such statements are "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. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. You typically can identify forward-looking statements by various forms of words such as "anticipates," "believes," "seeks," "could," "may," "should," "continues," "estimates," "expects," "forecasts," "intends," "might," "goals," "objectives," "targets," "planned," "potential," "projects," "scheduled," "will" or other similar expressions. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to management and include, among others, statements regarding:
- Amounts and nature of future capital expenditures;
- Volumes of future oil, natural gas, and LPG production;
- Expansion and growth of our business and operations;
- Financial condition and liquidity;
- Business strategy;
- Estimates of proved gas and oil reserves;
- Reserve potential;
- Development drilling potential;
- Cash flow from operations or results of operations;
- Seasonality of natural gas demand; and
- Oil and natural gas prices and demand.
Forward-looking statements are based on numerous assumptions, uncertainties and risks that could cause future events or results to be materially different from those stated or implied in this announcement. Many of the factors that will determine these results are beyond our ability to control or predict. Specific factors that could cause actual results to differ from results contemplated by the forward-looking statements include, among others, the following:
- Availability of supplies (including the uncertainties inherent in assessing, estimating, acquiring and developing future oil and natural gas reserves), market demand, volatility of prices, and the availability and cost of capital;
- Inflation, interest rates, fluctuation in foreign currency exchange rates, and general economic conditions (including future disruptions and volatility in the global credit markets and the impact of these events on our customers and suppliers);
- The strength and financial resources of our competitors;
- Development of alternative energy sources;
- The impact of operational and development hazards;
- Costs of, changes in, or the results of laws, government regulations (including climate change regulation and/or potential additional regulation of drilling and completion of wells), environmental liabilities and litigation;
- Political conditions in Argentina, Colombia and other parts of the world;
- The failure to renew participation in hydrocarbon concessions granted by the Argentine government on reasonable terms;
- Risks related to strategy and financing, including restrictions stemming from our loan agreement and the availability and cost of credit;
- Risks associated with future weather conditions, volcanic activity and earthquakes;
- Acts of terrorism; and
- Additional risks described in our filings with the Securities and Exchange Commission ("SEC").
Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we caution investors not to unduly rely on our forward-looking statements. We disclaim any obligations to and do not intend to update the above list or to announce publicly the result of any revisions to any of the forward-looking statements to reflect future events or developments.
In addition to causing our actual results to differ, the factors listed above may cause our intentions to change from those statements of intention set forth in this announcement. Such changes in our intentions may also cause our results to differ. We may change our intentions, at any time and without notice, based upon changes in such factors, our assumptions, or otherwise.
Investors are urged to closely consider the disclosures and risk factors in our most recent annual report on Form 10-K filed with the SEC and our quarterly reports on Form 10-Q available from our offices or from our website at www.apcooilandgas.com.