This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Contango Announces Medical Leave Of Absence For Chairman And CEO Kenneth R. Peak

Stocks in this article: MCF

Contango Oil & Gas Company (NYSE MKT: MCF) announced today that its Chairman and CEO, Kenneth R. Peak, would be taking a medical leave of absence from his responsibilities at the Company for up to six months. The Board of Directors of the Company has elected Mr. Brad Juneau as President and Acting CEO of the Company. Mr. Juneau was elected a director of Contango in April 2012. Mr. Juneau is the sole manager of the general partner of Juneau Exploration, L.P. (“JEX”), a company involved in the generation of natural gas and oil prospects. JEX entered into an Advisory Agreement with the Company in April to direct the operations of the Company, including oil and gas operations and new energy ventures. JEX will continue to generate offshore and onshore prospects for the Company.

Prior to forming JEX in 1998, Mr. Juneau served as senior vice president of exploration for Zilkha Energy Company from 1987 to 1998. Prior to joining Zilkha Energy Company, Mr. Juneau served as staff petroleum engineer with Texas International Company for three years, where his principal responsibilities included reservoir engineering, as well as acquisitions and evaluations. Prior to that, he was a production engineer with Enserch Corporation in Oklahoma City. Mr. Juneau holds a BS degree in petroleum engineering from Louisiana State University. Mr. Juneau was also elected today as the President and Acting CEO of Contango ORE, Inc.

While Mr. Peak’s condition has not been fully diagnosed, Mr. Peak will enter a hospital this week for exploratory tests for a brain tumor and is unlikely to return to active duty with the Company for at least several weeks.

Mr. Peak said: “I expect to return to the Company promptly after completing my tests and undergoing any follow-up treatment that may be required. In the interim, I have the utmost trust and confidence in my close friend and long time business partner, Brad Juneau, to lead the Company in my absence. Brad and his team at JEX have been the driving force and innovation behind all our exploration successes as a Company over the years and in April Brad agreed to assume a more direct role in the Company’s operations. The Company has a portfolio of two significant offshore wells currently drilling below 13,000 feet approaching the depth to set intermediate casing, was the apparent high bidder on six new prospects at the Central Gulf of Mexico Lease Sale 216/222, approximately 25,000 acres under lease in the emerging Tuscaloosa Marine Shale, as well as ongoing prospect generation efforts. These existing projects will be drilled/evaluated as planned, so we don’t view this absence as materially changing the activities or direction for the Company over the next year or so. In the interim, I want to thank my wife, my family, my friends and my colleagues for their support.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs