Askvik to take helm at PA

PA Resources will promote current VP Bo Askvik to president and CEO.

Offshore staff

STOCKHOLM -- PA Resources has decided to focus increasingly on developing existing upstream production assets and future oil reserves rather than pursue further license interests.

To help follow through this strategy, the company will promote current VP Bo Askvik to president and CEO. Ulrik Jansson, who currently holds these positions, will step down at the annual general meeting on May 18.

PA says its decision is based on current trends in the oil industry and the apparent recovery in the global economy.

04/19/2010

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