DGAP-News: Petrolog Energy Inc.: Risk Management Professional to Join Petrolog Energy as an Advisor
(firmenpresse) - DGAP-News: Petrolog Energy Inc. / Key word(s): Change of Personnel
Petrolog Energy Inc.: Risk Management Professional to Join Petrolog
Energy as an Advisor
04.04.2012 / 12:14
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Risk Management Professional to Join Petrolog Energy as an Advisor
26.03.2012
TORONTO, CANADA- Petrolog Energy, Inc, (Deutsche Boerse, Frankfurt
Exchange, (PT2) announced that Russell Diamond has joined the company as an
advisor in order to provide guidance on hedging and risk management
strategies to maximize the company's value in its future production. CEO
George Ebuh commented: 'In his tenure at British Petroleum, Mr. Diamond has
a proven track record of managing major oil and gas hedge positions and
providing liquidity and cash flow realization positions. In addition, his
expertise in valuation of E+P assets and network of contacts will prove
invaluable to Petrolog Energy, as production ramps up. His expertise will
be called upon when and if Petrolog approaches financial institutions to
obtain reserve financing. We are proud to have him join the company as an
advisor.'
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.
Some Notable Transactions:
- 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 creditfacility 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
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