Former BHP Petroleum chief to head Maverick

Former BHP Billiton Petroleum chief executive Michael Yeager has been appointed as chief executive and chairman of US-focused Maverick Drilling and Exploration. 

Mr Yeager spent more than seven years in the top petroleum role at BHP before leaving the company earlier this year during a shake-up of the global miner's leadership group.

Prior to that, Mr Yeager spent 26 years with ExxonMobil, where he held various executive roles.

"We are thrilled to have been able to attract a person of the caliber and experience of Mike to lead Maverick into an even stronger future," Maverick executive chairman Don Henrich said.

Mr Yeager will receive a remuneration package comprising of an annual base salary of $US1.3 million and an annual retirement contribution of $US500,000.

Subject to shareholder approval, Mr Yeager will also be issued 15 million ordinary shares in Maverick and 10 million performance rights.