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Venari Resources Announces Leadership Transition

– Venari Resources Announces Leadership Transition –

HOUSTON, May 14, 2018 – Venari Resources LLC, a deepwater oil exploration and production company in the Gulf of Mexico, today announced that its Board of Directors has appointed Bob Abendschein as Chief Executive Officer of the Company, effective immediately.  He will also serve on Venari’s Board of Directors.  Mr. Abendschein succeeds Brian C. Reinsborough, who has retired from the role of President and Chief Executive Officer of the Company.

Mr. Abendschein has served as Venari’s Chief Operating Officer since August 2017.  Prior to joining Venari, he spent over 30 years at Anadarko Petroleum Corporation, where he was ultimately Vice President, Deepwater Americas Operations. His career at Anadarko included progressive roles in Reservoir Engineering, Exploration, Production Services, Corporate Development and Worldwide Deepwater Operations.

Venari has also appointed Grant Dreger as Chief Financial Officer. Mr. Dreger has been with the Company since 2015, most recently as its Vice President of Finance and Planning. In addition to Messrs. Abendschein and Dreger, Venari’s executive team includes Scott H. Cornwell, Senior Vice President, Commercial and Business Development,  Jack T. Gregory, Senior Vice President, Subsurface and R. Cory Weinbel, Senior Vice President, Development.

On behalf of the Board of Directors, Peter R. Kagan, Managing Director and Head of Warburg Pincus’ Energy Group, said, “We want to express our gratitude to Brian for his leadership in establishing Venari as a Gulf of Mexico deepwater exploration company and we wish him well in his future endeavours. We are pleased to appoint Bob to lead Venari through its next phase and are confident in his ability to build value for the company moving forward.”

In addition to the leadership transition, the Company has restructured its workforce and will close its Dallas office, consolidating its operations in Houston.  This consolidation is expected to be complete by the end of the third quarter of 2018.

“I look forward to leading Venari through its next chapter, including working with our co-owners on the development of Anchor and Shenandoah, as we continue to seek opportunities to grow the company, both in the short and the long-term,” said Bob Abendeschein.

About Venari Resources

Venari Resources, a privately held offshore exploration and production company, is focused on the prolific oil-prone subsalt region in the Gulf of Mexico’s deep waters. Venari’s investors are led by preeminent global investment firms Warburg Pincus, Kelso & Company, Temasek, and The Jordan Company. Venari has fully appraised its discoveries at Anchor in Green Canyon and Shenandoah in the Walker Ridge area and both are progressing towards final investment decision. In addition, Venari has built a large inventory of exploration prospects and leases in the Gulf of Mexico.

 

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