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.
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.
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- 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;
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- 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);
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- Development of alternative energy sources;
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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.