Uranium play Wildhorse Energy has moved to reduce the size of its board as part of its strategic review with director Craig Burton taking over from chairman Mark Hughes who has decided to step down.
The review is part of the company's aim to control operating overheads to protect key assets, which are predominately in the United States.
Along with Mr Hughes' departure, non-executive director Bruce Larson will also step down while company secretary Brett Mitchell has been appointed to the board as executive director - corporate.
The announcement is below:
WildHorse Energy Ltd ("WHE") has moved to reduce the size of its Board membership as part of an ongoing strategic review of its assets, corporate structure and costs in the current economic environment.
As a result WildHorse has reduced the size of the Board and its operating overheads to protect its key assets and ensure it remains focused on successfully executing the Company's strategic plans.
WildHorse confirms that Mr Mark Hughes has resigned as a Non Executive Chairman and Mr Bruce Larson as a Non Executive Director, effective immediately. The Board would like thank Mr Hughes and Mr Larson for their considerable efforts over the past 3 years in developing the strategic assets now held by the company. The Board wishes both Mr Hughes and Mr Larson well in their future endeavours.
Mr Craig Burton has been elected as Non Executive Chairman following the departure of Mr Hughes. Mr Burton has been a Director of the Company for the past 3 years and is well known and respected figure in the Australian resources industry for his work in identifying and developing resource projects, raising debt and equity capital for these projects and managing publicly listed companies. Mr Burton is currently a Director of Mirabela Nickel Ltd, Matra Petroleum plc, Exco Resources Ltd and Solimar Energy Limited.
Mr Brett Mitchell has been appointed to the Board as Executive Director-Corporate.
Mr Mitchell was appointed as the Company Secretary for WildHorse on 3 March 2009 has worked for both private and publicly listed entities for the past 16 years as a corporate finance executive. Mr Mitchell is currently a Director of Transerv Energy Ltd, Energy Ventures Limited and Quest Petroleum NL.
