Apco Announces Leadership Change
TULSA, Okla. -- December 19, 2013
Apco Oil and Gas International Inc. (NASDAQ:APAGF) today announced that Ralph
A. Hill will step down as chairman, board member and chief executive officer
effective Dec. 31, 2013.
The move coincides with Hill’s departure from WPX Energy (NYSE:WPX), where he
also served as the CEO. WPX owns a 69 percent controlling ownership interest
Apco’s board has named James J. Bender as chairman and board member, effective
Dec. 31, 2013. Bender is an experienced executive who served as the general
counsel for both WPX and Williams (NYSE:WMB). Bender will serve as the interim
CEO at WPX effective Dec. 31, 2013, as well.
Additionally, Apco’s board has named Bryan K. Guderian as chief executive
officer, also effective Dec. 31, 2013. Guderian has more than 30 years of
experience in oil and gas, has been on Apco’s board since 2002 and currently
serves as the senior vice president of operations for WPX, where he has
responsibility for the company’s international interests. Guderian will remain
on the Apco board.
Michael Kyle will continue to serve as Apco’s president and chief operating
officer, along with the remainder of the existing management team.
Keith E. Bailey, an independent director for Apco, commented, “Apco is in good
hands, having recently completed another orderly transition with Michael Kyle
succeeding Thomas Bueno as president. Our board is very familiar with Jim and
Bryan, whom we have known for many years.”
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 nine 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
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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;
*Estimates of proved gas and oil reserves;
*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
*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
*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
*Acts of terrorism; and
*Additional risks described in our filings with the Securities and Exchange
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
Apco Oil and Gas International Inc.
Kelly Swan, 539-573-4944
David Sullivan, 539-573-9360
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