Prairie Operating names Frommer interim CEO, Thoresen chairman

Prairie Operating Co. (NASDAQ: PROP) announced leadership changes following the voluntary resignation of CEO and Chairman Edward Kovalik and the retirement of President Gary C. Hanna, according to a company statement.

The Houston-based energy company appointed Richard N. Frommer, a current board member, as interim president and CEO while conducting a search for permanent leadership. Erik Thoresen was named chairman of the board.

Frommer brings over 40 years of oil and gas industry experience, having served as president and CEO of Great Western Petroleum from February 2013 to September 2021. He previously held senior positions at Samson Resources Company and HS Resources Inc., with expertise in the Denver-Julesburg Basin where Prairie operates.

Thoresen has served as a Prairie director since May 2023 and is currently a partner at Boka Group, LLC. His background includes executive roles at various financial and cannabis companies, including serving as CFO of Fusion Acquisition Corp. II and holding positions at Bank of New York Mellon Corporation and E*TRADE Financial Corporation.

The company entered into separation agreements with Kovalik and Hanna regarding their departures. Prairie plans to retain an executive search firm to identify a permanent president and CEO, considering both internal and external candidates.

Prairie Operating focuses on oil, natural gas, and natural gas liquids development in the Denver-Julesburg Basin, particularly in the Niobrara and Codell formations. Kovalik and Hanna were co-founders of the company.

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