Petrolog Energy Inc.
Petrolog Energy Inc.: Risk Management Professional to Join Petrolog Energy as an Advisor
Petrolog Energy Inc. / Key word(s): Change of Personnel Risk Management Professional to Join Petrolog Energy as an Advisor 26.03.2012 Mr. Diamond is an energy industry professional with 12+ years of credit risk management experience related to energy trading including natural gas, oil, NGL’s and power. He has spent the last six years employed by BP America working in the Houston headquartered North American gas and power supply and trading operations where he is responsible for the credit risk management of third party derivative and producer services groups offering hedging and risk management products to oil and gas counterparts within the domestic U.S. His product offerings include the ability to enter into hedging transactions secured by the assets of oil and gas counterparts through a pledge on assets. Current secured hedge portfolio includes 60+ accounts . Credit management of this portfolio requires the appropriate asset valuation due diligence using internally prepared engineering and reserve reports entered into proprietary discounted cash flow model. His additional responsibilities include appropriate hedge structure evaluation with counterparts to ensure sufficient cash flow realization against hedged positions. Mr. Diamond’s expertise involves traditional and exotic derivative commodity hedge structures including swaps, collars, costless producer collars, spreads, participating swaps, swaptions, and blends. He has significant exposure to M&A and A&D industry activity as a major market hedge provider including bank financings, debt issues, and debt restructures. Previously, he was a vice president of Credit risk management at Merrill Lynch Commodities, Inc (formerly Entergy-Koch Trading, L.P.), a Credit Analyst at ABN Amro Bank, and served in shareholder services at AIM Management Group. – Sole secured hedge provider to distressed Cherokee Basin E&P enabling cash flow certainty for the producer resulting in sufficient borrowing base loan and liquidity to restructure bank debt and alleviate insolvency. – Lead credit analyst in secured syndicated hedge facility with major US natural gas producer. – Successfully underwrote secured hedge facility in conjunction with mezzanine lender to hedge crack spreads enabling the acquisition of Midwest refinery. – Provided letter of credit facility to Wyoming, Powder River Basin CBM producer through $70.0mm secured asset position. About Petrolog Energy, Inc. Petrolog Energy is an independent oil and gas exploration and development company with a diverse portfolio of high-quality assets. Petrolog Energy was formed as a unit of Petrolog Group to capitalize on low-risk, high-reward proven and underdeveloped oil and gas fields in Africa. For more information, go to www.petrologenergy.com. About Petrolog Group Petrolog Group, a private company, was established 30 years ago as an oil service company. Over the years Petrolog has expanded its services to include Drilling, Diving, Offshore Construction, Mooring Services, Geophysical Exploration, Engineering Design and Project Management. Petrolog is represented in 4 continents with over 12 offices in 6 countries and a strong and dedicated workforce (650 employees). End of Corporate News 04.04.2012 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
163900 04.04.2012 |