Bahamas Petroleum declared that Dr. Paul Crevello, Chief Executive Officer, has resigned with immediate effect for personal reasons.

Following this resignation, Alan Burns, Non-Executive Chairman and Founder, will oversee the appointment of a suitable replacement candidate for the role of CEO.

In the interim period, Steve Weyel, a Non-Executive Director with significant technical and corporate experience within the oil and gas industry, will assist in the day to day affairs of the Company by providing a supporting role to Paul Gucwa, the Company's Chief Operating Officer.

Alan Burns, Non- Executive Chairman and Founder, said, "We are very grateful for Paul's contribution to the business, working with me to build the Company to its present stage and position. Paul has made great strides in steering the Company through the exploration value chain and we wish him well in his future ventures.

"We will now take steps to put in place a new CEO to take the Company through the next critical stage of its development. I will personally oversee this process and can assure shareholders that we will recruit from the very best available candidates, in the shortest practical timeframe.

"The 3D seismic survey currently being taken is a little over half way through. The in-house interpretation of this will begin in 4Q of this year, which will be a cornerstone of our development strategy. This provides the Board with a window of opportunity during which it can advance candidate selection and make an appropriate and considered appointment."

Tags: Bahamas Petroleum Company