Oil and gas company Rex Energy Corp. (REXX) announced Monday the appointment of Daniel Churay as its new president and chief executive officer, effective December 1. Churay succeeds Benjamin Hulburt, who left the company earlier in the month to pursue other interests. Chairman Lance Shaner has been serving as the interim president and interim chief executive officer since Hulburt left in order to assure a smooth transition.
"We are extremely pleased to welcome Dan to his new role with Rex Energy. Dan's 20 years of experience dealing with the oil and gas industry, his capital markets knowledge and the leadership positions he has held with Fortune 500 companies will be of great benefit to the continuing development of Rex Energy," Shaner said in a statement.
The State College, Pennsylvania-based company noted that Churay will spend all of November transitioning out of his current position and meeting with employees, investors and other Rex Energy stakeholders. He will begin his full-time service with Rex Energy on December 1, 2010.
Churay is not new to the company as he has been serving on the Rex Energy board since 2007. He has also served as the chairman of the Compensation Committee, and served on the Audit and Governance Committees of the Board. Shuray will now continue to remain a member of the board.
Churay has also served as executive vice president, general counsel and secretary of YRC Worldwide Inc. (YRCW), and has been a director of JHJ International Transportation Co., Ltd. and Shanghai Jiayu Logistics Ltd., two Shanghai based logistics companies.
Churay began his career with a seven year stint with Fulbright & Jaworski LLP advising clients in the oil and gas industry. He then served as deputy general counsel and assistant secretary of Baker Hughes, Inc. (BHI) during his eight-year tenure at the company.
"In this new role, I am looking forward to working directly with the company's experienced operational management team to grow and develop its core oil and gas assets in each of our three basins," Churay stated.
Hulburt served as CEO and a director of the company since March 2007, as well as assumed the duties of president in February 2008. Hulburt co-founded the first Rex Energy company in 2001 and has co-founded and has served as an officer of all of the Rex Energy affiliated companies since that time.
Beginning in March 2004, Hulburt served as president of Rex Energy Operating Corp. and was named its CEO in October 2006. From January 2001 to February 2004, Hulburt served as CFO of Douglas Oil & Gas L.P.
In Monday's regular trading session, REXX is currently trading at $12.47, up $0.14 or 1.14% on a volume of 42,500 shares.
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