Denver’s Forest Oil Corp. announced today that the company’s board of directors has appointed Patrick R. McDonald to serve as interim chief executive officer effective immediately.
McDonald succeeds H. Craig Clark as chief executive officer. Clark was appointed president and chief executive officer of Forest in July 2003.
The board has initiated a search for a permanent chief executive officer. The company said that McDonald has asked not to be considered for the permanent role.
James D. Lightner, board chairman, said the board thanked Clark for his dedication and professionalism during his 10 years with the company.
Lightner added that the board believes Forest can “significantly increase shareholder value.
“We will remain focused on executing our strategic plan; driving strong cash flow generation by growing Forest’s oil and liquids production, while maintaining our prudent approach to portfolio management and controlling the bottom line.”
Lightner said among McDonald’s first priorities will be to personally involve himself in Forest’s Eagle Ford shale process and “in concluding other transaction in progress to reduce debt.”
McDonald, 55, has been a Forest director since 2004.
McDonald has served as chief executive officer and president of Carbon Natural Gas Co., an oil and gas exploration company, since April 2003 and will continue to serve in that capacity.
McDonald is a certified petroleum geologist and is a member of the American Association of Petroleum Geologists.
Howard Pankratz: 303-954-1939 or hpankratz@denverpost.com on twitter @HowardPankratz
