Ute Energy Names Joe Jaggers as President and Chief Executive Officer
July 01 2010 - 10:12AM
Marketwired
Ute Energy, LLC, a company jointly owned by the Ute Indian Tribe
and affiliates of Quantum Energy Partners, announced today that its
Board of Directors has named Joe Jaggers as the Company's President
and Chief Executive Officer. Jaggers brings nearly 30 years of
energy industry experience and most recently held the position of
President and Chief Operating Officer of Bill Barrett Corporation
(NYSE: BBG), a publicly traded independent producer.
In conjunction with naming Jaggers as President and CEO, Ute
Energy completed a private placement with certain of its existing
equity owners which will provide the financial flexibility to
aggressively pursue upstream and midstream development
opportunities and acquisitions in the Uintah Basin and in other
select basins throughout the Rocky Mountains. Jaggers plans to
expand the Company's presence in Denver and the company will build
upon its existing asset platform by taking an increased role in
operations going forward.
"I'm excited to be joining Ute Energy at this important stage in
the company," said Joe Jaggers, President and CEO, Ute Energy.
"This dedicated team has worked hard to position the company with a
solid production and reserve base and the financial ability to take
a more active role in operations. I'm proud to have the opportunity
to build on these strengths and lead Ute into the next phase of
expansion."
Curtis Cesspooch, Ute Business Committee Chairman and Ute
Energy's Chairman of the Board, said, "Mr. Jaggers has the full
support of the Ute Business Committee. His experience and proven
leadership will put the company in a position to realize the Tribal
vision of taking a more active role in the development of its
mineral estate, which will provide long term benefits to Ute Energy
and to the Tribe."
In announcing the addition of Jaggers to Ute Energy, Wil VanLoh,
President and CEO of Quantum Energy Partners, stated, "Joe is one
of the industry's top executives and he brings a wealth of
experience to Ute Energy. We believe Joe is just the catalyst that
Ute Energy needed to accelerate and lead the company's growth on
its strategic asset base. Quantum has made a substantial commitment
to Ute Energy and we are confident in Joe's ability to execute upon
the company's strategy."
About Ute Energy Founded in 2005, Ute
Energy is a Rockies-focused private energy company with offices in
Denver, CO and Fort Duchense, UT. The company is active across the
upstream and midstream sectors and has operating partnerships with
several first class operators including Anadarko Petroleum (NYSE:
APC), Newfield Exploration (NYSE: NFX), Bill Barrett Corporation
(NYSE: BBG), and Berry Petroleum (NYSE: BRY). Ute Energy currently
has net production of approximately 2,500 Barrels of oil equivalent
per day, over 400,000 acres of leased lands, and interests in three
natural gas gathering and processing partnerships in the Uintah
basin with collectively over 400 Mmcf/d of gathering capacity and
500 Mmcf/d of processing capacity.
The company's principal investors include the Ute Indian Tribe,
Quantum Energy Partners, and Quantum Resource Management.
To learn more about Ute Energy, please visit the company's
website at www.uteenergy.com.
MEDIA CONTACT: Beverly Jernigan Email Contact
713-494-1733
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