EP - Empire Petroleum CEO Pritchard resigns succeeded by Morrisett

2023-03-22 09:53:57 ET

Empire Petroleum ( NYSE: EP ) -4.8% in early trading Wednesday after disclosing Thomas Pritchard resigned as CEO and as a board member to pursue other opportunities, after serving as CEO since January 2018.

The company named President and Principal Financial Officer Michael Morrisett as its new CEO in addition to his current duties.

Morrisett has served as President and Principal Financial Officer since January 2015; he has more than 25 years of experience in investment banking and management of non-operated oil and gas operations.

Empire Petroleum ( EP ) has high costs per boe, and its 2023 margins per boe may decrease by 50%, Elephant Analytics writes in an analysis published earlier this year on Seeking Alpha .

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