Evolution Petroleum Corporation has hired Jason Brown as its new CEO after the previous CEO, Randy Keys, stepped down in May 2018.
Robert Herlin, the founder of the company, who had been serving as the interim CEO, will remain Chairman of the Board. He had been the CEO for 12 years before Mr Keys was appointed in December 2015.
Mr Brown is the founder of LongBow Energy, a private E&P company. He was previously a co-founder of Halcon Resources, where he was VP of Corporate Development between Sept 2011 and July 2014.
Mr Brown will receive a base salary of $325,000. He also received $325,000 of restricted stock that will vest over 3 years.
Evolution (market cap $218 million) has its head office in west Houston. The company has revenues of $41 million, which primarily comes from a 23.9% stake in the Delhi field of Northeast Louisiana, where Denbury Resources is the operator.
Unusually the company has only four employees as it has chosen to outsource its property accounting, human resources and administrative functions.