SM Energy, an independent oil and gas exploration company, will appoint a new chief executive officer when the current company head retires early next year, according to a report by the Denver Business Journal.
Javan D. Ottoson will take the position on Jan. 15 of next year. He was named SM’s president in October 2012 and had been serving as the company’s COO since 2006. He was appointed to the new position last Friday. He will replace Tony Best, who had been the CEO and a company board member since 2007. SM noted that Best doesn’t plan to seek re-election to the board next year.
The announcement comes amidst the closing of an acquisition deal that will secure areas for development in the Bakken and Three Forks regions in North Dakota. The purchase completes a previously announced acquisition deal of North Dakota Gooseneck assets from Baytex Energy USA. Funded from borrowing under the company’s credit facility, the closing price of the deal was approximately $325 million.