"The closing of today's transactions represents a significant milestone for White Star and has transformed the company, positioning it for growth and continued value creation," Elliot J. Chambers, White Star's Chief Executive Officer commented. "The acquisition of Mississippi Lime and Woodford Shale assets from Devon more than doubles White Star's production, cash flow and acreage footprint. Our recapitalization initiatives reflect EMG's ongoing support for White Star and have significantly improved our leverage and liquidity profile."
As part of its ongoing strategy to broaden and deepen its management team, White Star also announced the hiring of Caleb G. Morgret as Chief Financial Officer, Jeffrey J. Zanotti as Senior Vice President, General Counsel and Secretary and Richard "Ricky" D. Pollot as Chief Accounting Officer.
Morgret, 38, joined White Star on June 6, 2016. Morgret previously worked for Chesapeake Energy Corporation for four years, most recently as Vice President and Treasurer. Prior to Chesapeake, Morgret worked in investment banking, having served in various roles with J.P. Morgan, Mizuho Corporate Bank and UniCredit Group in London, UK, Frankfurt, Germany and Vienna, Austria. He earned an MBA from Southern Methodist University in 2016 and a BBA from the University of South Carolina in 2000. Morgret is a CFA charterholder.
Zanotti, 38, joined White Star on May 9, 2016. Zanotti previously worked for Seventy Seven Energy Inc. as Assistant General Counsel and Assistant Secretary. Prior to joining Seventy Seven Energy, Zanotti worked for Chesapeake for four years as Assistant General Counsel – Corporate & Securities and other roles of increasing responsibility. Zanotti began his legal career in the Dallas office of Jones Day. Zanotti earned a JD from Arizona State University in 2006 and a BA from Southern Methodist University in 2000.
Pollot, 47, joined White Star on June 6, 2016. Pollot previously worked for Mustang Fuel Corporation for 12 years, most recently as Director of Exploration and Production Accounting. Prior to joining Mustang Fuel, Pollot worked for Ernst & Young, LLP for 13 years. Pollot earned a BBA from the University of Oklahoma in 1991 and is a certified public accountant.
White Star's legal advisor for the Acquisition was Porter Hedges LLP and for the recapitalization transactions was Sullivan & Cromwell LLP.
About White Star Petroleum, LLC
White Star Petroleum, LLC is an independent oil and natural gas company focused on the acquisition, development, operation and production of unconventional oil and natural gas properties located in the Mississippi Lime and Woodford Shale plays in Central Northern Oklahoma.
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SOURCE White Star Petroleum, LLC