Rosetta Resources Inc. Announces Executive Leadership Changes
HOUSTON, Feb. 26, 2013 (GLOBE NEWSWIRE) -- Rosetta Resources Inc.
(Nasdaq:ROSE) ("Rosetta" or the "Company") today announced several changes in
leadership at the Company that will be effective on February 26, 2013. Randy
L. Limbacher is resigning as its Chairman, Chief Executive Officer and
President.Mr. Limbacher has served as Rosetta's Chief Executive Officer and
President since 2007.Mr. Limbacher will be succeeded as Chairman, Chief
Executive Officer and President by James E. Craddock, who has served as
Rosetta's Senior Vice President of Drilling and Production Operations.In
addition, John D. Clayton will be appointed as Executive Vice President and
Chief Operating Officer, who has previously served as Rosetta's Senior Vice
President of Asset Development.John E. Hagale will remain Executive Vice
President and Chief Financial Officer of the Company and will report to Mr.
Craddock.Mr. Limbacher will remain with the Company until April 2013 to
provide transitional support for the change in leadership at the Company.
"We are grateful to Randy for his leadership of Rosetta since joining the
Company" said Phil Frederickson, Lead Director of the Board of Directors of
Rosetta."Over the last six years, Randy led a dramatic restructuring of the
Company's business, with a transition from exploring for conventional
resources to developing unconventional resources plays.These efforts have
culminated in our leading position in the Eagle Ford shale in South Texas and
resulted in record growth in production, reserves and cash flows for the
Company in 2012.Through his leadership, we are now in a strong position for
sustainable growth in the future. On behalf of the board and the entire
organization, we thank Randy for his many contributions to the Company and
look forward to continued execution of our strategy and business under Jim's
leadership in the future."
Randy Limbacher stated, "I am proud to have been able to work with a talented
group of employees at Rosetta over the years.We have done a lot together to
restructure and grow the Company.When I initially took the job back in 2007,
I committed to lead these efforts for about five or six years.The Company has
grown significantly over that time period and is poised for future growth.
Rosetta has reached an important transition point and the time has come to
transfer the leadership of the Company as we enter this next
phase.Fortunately, Jim Craddock who has played an integral role in guiding
Rosetta to this point in our evolution has agreed to lead the Company going
forward.I have worked with Jim for over 25 years, including five years at
Rosetta.He knows the business extremely well and, together with John Clayton,
John Hagale, and the rest of our leadership team, he will provide a seamless
transition in the leadership of the Company."
"I am excited about this new opportunity, including the great prospects going
forward for our Company" stated Mr. Craddock."We will continue to be an
industry leader in the efficient development of our Eagle Ford assets.At the
same time, we will focus on adding new capital project inventory, both in
South Texas and in other basins, so that we can deploy the free cash flow we
anticipate will be generated by our Eagle Ford assets.Although we will
greatly miss Randy, we have a strong management team and a great set of
employees in place to execute our strategy and continue to grow the business
in the years ahead."
Jim Craddock joined Rosetta as Vice President, Drilling and Production
Operations in April 2008 and was named Senior Vice President, Drilling and
Production Operations in January 2011. Mr. Craddock has more than 30 years of
industry experience in exploration and production operations, including
reservoir and production engineering and unconventional oil and gas
exploitation.Prior to joining Rosetta, he was Chief Operating Officer for BPI
Energy, Inc., an exploration and production start-up company focused on
coal-bed methane development.For more than 20 years, he previously held
technical and management positions of increasing authority with Burlington
Resources. He began his industry career with Superior Oil Company.He received
a Bachelor of Science degree in Mechanical Engineering from Texas A&M
John Clayton joined Rosetta as Vice President, Asset Development in March 2008
and was named a Senior Vice President in January 2011. Mr. Clayton has more
than 25 years of industry experience including reservoir, production and
drilling engineering, as well as business development activities related to
strategic planning, mergers, acquisitions and joint ventures.Prior to joining
Rosetta, he held various leadership and managerial positions with Burlington
Resources and ConocoPhillips.Mr. Clayton has a Bachelor of Science degree in
Petroleum Engineering from Louisiana State University. He is a member of the
Board of Directors of Junior Achievement of Southeast Texas.
Rosetta Resources Inc. is an independent exploration and production Company
engaged in the acquisition and development of onshore energy resources in the
United States of America.The Company holds a leading position in the Eagle
Ford area in South Texas, one of the nation's largest unconventional resource
plays.Rosetta is a Delaware Corporation based in Houston, Texas.
The Rosetta Resources Inc. logo is available
All statements, other than statements of historical fact, included in this
press release 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, including statements regarding
the intent, belief or current expectations of Rosetta Resources Inc. and its
subsidiaries (the "Company") and its management. These forward-looking
statements are based upon current expectations and are subject to a number of
risks, uncertainties and assumptions that could cause actual results to differ
materially from those herein described. Accordingly, recipients are cautioned
that these forward-looking statements are not guarantees of future
performance. Please refer to the Company's risks, uncertainties and
assumptions as it discloses from time to time in the Company's reports and
registration statements filed with the SEC, including the risk factors
identified in its Annual Report on Form 10-K for the year ended December 31,
2012 and its Quarterly Report on Form 10-Q for the quarter ended September 30,
2012, which can be found on the Company's website at www.rosettaresources.com.
The Company undertakes no duty to update the information contained herein
except as required by law.
CONTACT: Investor Contact:
Don O. McCormack
Vice President, Treasurer and Chief Accounting Officer
Rosetta Resources Inc.
Rosetta Resources Inc. Logo
Press spacebar to pause and continue. Press esc to stop.