Oklahoma business briefcase for April 16
Chaparral board member named
Chaparral energy announced Monday it appointed Marcus Rowland to serve as an independent director on its board.
Rowland, officials said, took a board position that was vacated in March when David Geenberg resigned. Officials also announced Monday that Chaparral would not fill another open position on the board also created in March by the resignation of Graham Morris, keeping the board’s size at eight members.
Rowland is the founder and senior managing director of IOG Capital and CEO of IOG Resources and has more than 40 years of oil and gas corporate executive experience, officials said.
“We are very pleased to have added Rowland to our board and thank Geenberg and Morris for their past contributions and guidance," said Robert F. Heinemann, Chaparral’s board chairman.
Laredo settles lawsuit
Laredo Petroleum announced Monday it has settled litigation that had been ongoing between it and Shell Trading Co. since May 2017.
The company said the litigation was related to a crude oil purchase agreement the two companies had made in October 2016.
A release posted by Laredo on Monday stated it had received a one-time payment of $42.5 million from Shell as part of the settlement, with both parties agreeing to dismiss the case.
Laredo officials said the cash payment will be recorded on the company’s books as non-operating income.