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Posted 26 December, 2023

Riley Exploration Permian, Inc. appointed new CEO

CEO Change detected for ticker NYSE:REPX in a 8-K filed on 26 December, 2023.


  Bobby D. Riley, the Company's Chief Executive Officer and Chairman of our Board of Directors, will assume the role of President of the Company, effective as of the Resignation Date.  

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Overview of Riley Exploration Permian, Inc.
Companies on the Energy Service • Oil Extraction
Riley Permian is focused on high-growth energy exploration opportunities in the Permian Basin with an emphasis on horizontal development of the San Andres Formation. Our technical expertise, advanced evaluation techniques, and operational experience make us leaders in the acquisition, development, and production of oil and natural gas.
Market Cap
$492M
View Company Details
Riley Exploration Permian, Inc. by TradingView
Relevant filing section
Item 5.02 
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On December 21, 2023, Riley Exploration Permian, Inc. (the "Company") announced that Kevin Riley, the Company's President, will be resigning effective December 31, 2023 (the "Resignation Date"). At the same time, Kevin Riley will resign from all positions he holds with the Company's subsidiaries and joint ventures. Bobby D. Riley, the Company's Chief Executive Officer and Chairman of our Board of Directors, will assume the role of President of the Company, effective as of the Resignation Date. For further information regarding Bobby D. Riley, please see the Company's definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on March 22, 2023, which information is incorporated herein by reference. There will be no change in compensation for Bobby D. Riley in connection with his assumption of these responsibilities.


In connection with Kevin Riley's resignation, the Company and Kevin Riley have entered into a Separation and Release Agreement (the "Separation Agreement"), which provides for, among other things, compensation and benefits to Kevin Riley as follows:


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payment of an amount equal to $445,000.00 in equal installments over a twelve month period;


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up to twelve months of Company-funded COBRA coverage, not to exceed $1,943.01 per month;


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retention of and continued vesting of 64,887 unvested shares of restricted stock in accordance with the vesting schedule for such awards pursuant to the Company's Amended and Restated 2021 Long Term Incentive Plan and the related award agreements pursuant to which such restricted stock was awarded, with 20,000 shares of restricted stock being forfeited as of the Resignation Date; and


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an advisory services fee of $37,083.00 in exchange for services Kevin Riley will perform on an independent contractor basis in transitioning his duties to other Company personnel between January 1, 2024 and January 31, 2024.


The Separation Agreement also contains customary releases and waivers of claims by Kevin Riley, cooperation provisions and a non-compete agreement. The foregoing is not a complete description of the parties' rights and obligations under the Separation Agreement and is qualified by reference to the full text and terms of the agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.