DALLAS--(BUSINESS WIRE)--Kosmos Energy announces today that James C. Musselman has retired as the company’s Chairman and Chief Executive Officer effective December 31, 2010, to focus his energies on entrepreneurial ventures and startup opportunities.
Musselman, along with four other partners, co-founded Kosmos Energy in late 2003. Kosmos discovered the Jubilee Field in 2007 with the drilling of the Mahogany-1 exploration well offshore the Republic of Ghana. The company and its partners initiated production from the Jubilee Field in early December. The field is one of the most important discoveries offshore West Africa during the last decade and one of the largest finds in the world in 2007.
“I am extremely proud to have helped establish Kosmos and to have been associated with all Kosmos’ team members and our Board of Directors. I want to thank everyone for their tremendous support. Kosmos is a dynamic business, and I look forward to the company’s pursuit of new initiatives with the same talent and enthusiasm the Kosmos team has exhibited during the last seven years,” said Musselman.
“We sincerely thank Jim for his visionary leadership and contributions to Kosmos,” said John R. Kemp III, Kosmos Board member. “Jim helped found the company and determine its strategy, which has resulted in the company’s enormous success. He has led Kosmos through a period of rapid growth and change.”
“I have known and worked with Jim for many years and admire his ability to thrive as an entrepreneur in the oil industry,” said Brian F. Maxted, Kosmos Chief Operating Officer. “He has built a winning track record in the independent oil and gas exploration and production sector, especially in the international arena, and has developed companies of value for investors. I consider it a privilege to have worked with him and wish him every success.”
Musselman has led several successful business ventures during his career, primarily in the oil and gas industry. As Chairman and Chief Executive Officer of Triton Energy, Musselman engineered a company turnaround that thrust Triton into the ranks of leading international independent exploration and production companies. Initially, Musselman arranged a $350 million private equity infusion for Triton. Then, under his leadership, Triton sharpened its exploration focus, reduced expenses and restored relations with investors. Financially strong and infused with a new entrepreneurial culture, Triton made a series of significant oil discoveries offshore Equatorial Guinea and developed the initial Ceiba Field discovery in record time.
This culminated in Triton’s sale to Amerada Hess Corporation (now Hess Corporation) for $3.2 billon, a 50 percent market premium. Following the sale of Triton to Hess Corporation in 2001, Musselman served as a senior advisor to Hess chairman and CEO John Hess.
Earlier in his career, Musselman was founder and operator of JM Petroleum Corporation, a crude oil gathering and purchasing company with more than $1 billion in annual sales. After selling the company to Wesray Capital Group, he assembled an influential investor coalition and led the successful effort to secure the first Class 1 horserace license in the Dallas/Fort Worth, Texas, area. After the license award, he led design, construction and initial operation of the Lone Star Park racetrack facility in suburban Grand Prairie.
Musselman also practiced law at Strother, Davis, Musselman and Hill, with responsibility for oil and gas financing. He is a graduate of Duke University and the University of Texas School of Law.
About Kosmos Energy:
Kosmos Energy is a privately held international oil exploration and production company with a focus in West Africa. Kosmos is led by a seasoned management and technical team with extensive international and West Africa experience, and a proven record of finding and developing significant oil reserves. With the financial backing of international private equity investors Warburg Pincus and Blackstone Capital Partners, the company possesses significant financial and operational capability to generate and participate in multiple high-impact upstream projects. For additional information, visit www.kosmosenergy.com.