Chief financial officer of Vaalco Energy steps down

Chief financial officer (CFO) of Houston-based oil company Vaalco Energy has decided to resign from the company.

Illustration; Source: Vaalco

Vaalco said on Friday that the company’s CFO Phil Patman decided to resign effective March 31, 2019, to pursue other interests.

According to Vaalco, Elizabeth Prochnow, the company’s chief accounting officer, will take over the CFO position effective April 1, 2019.

“Patman’s departure was not related to any issues regarding financial disclosures, accounting, or legal matters,” the company stated.

As for Prochnow, she served as Vaalco’s chief accounting officer since joining the company in March 2015. She held a variety of senior finance leadership positions including executive VP and CFO of Sterling Construction Company, and VP of finance and CFO of Bristow.

Vaalco also announced that the board appointed Michael Silver as a vice president and general counsel effective April 1, 2019.

Silver has nearly 30 years of experience in the energy industry. Before joining Vaalco in November 2018 in a non-executive role, he served as a managing counsel for the petroleum division of BHP Group, senior counsel at Constellation Energy Commodities Group, and spent 17 years at ExxonMobil in the law department with multiple roles of increasing responsibilities.

Cary Bounds, CEO of Vaalco, said: “We wish Phil well in his future endeavors and want to thank him for his contributions over the past two years. Liz has been an integral leader for Vaalco over these past four years, and her knowledge of the company, coupled with her comprehensive financial background and experience will allow for a smooth transition.

“We are pleased to promote Michael to an executive role and believe he will be a great addition to our leadership team.

“We remain focused on the near-term and long-term opportunities at Etame and are poised financially and operationally to deliver profitable growth and value for our shareholders.”