The Board of Directors of Petro-Victory Energy is very pleased to announce that Dr. Richard Hubbard has joined the Company’s executive management team effective today. In his new role as President of Petro-Victory, Dr. Hubbard will lead all facets of the Company’s exploration and production efforts in Paraguay and elsewhere, globally. Simultaneously, Dr. Hubbard has joined the Company’s Board of Directors. Richard Gonzalez will remain Chairman and Chief Executive Officer.
Dr. Hubbard has previously served in a wide range of senior leadership positions at BP, Statoil, Orion California and most recently President Energy. Dr. Hubbard is a Stanford graduate with 40 years worldwide experience and has held leadership positions throughout the international E&P business.
As a graduate recruit during the 1970’s, Dr. Hubbard began work as a rig geologist in BP’s rapidly emerging North Sea business before progressing to become worldwide Chief Geologist. He then worked directly with Lord Browne in corporate planning at a time that the company completely refocused its worldwide portfolio and performance measures during the early 1990’s. This led to very significant exploration success in the deep-water Gulf of Mexico, West Africa, Caspian Sea, Russia and elsewhere which remain the core areas for BP today. Dr. Hubbard then accepted a position to lead Statoil’s worldwide E&P growth outside the North Sea as Executive VP International at a time when the company entered into JV partnerships with key National Oil Companies providing exposure to all the major oil producing regions of the Middle East, Africa, Latin America and Asia. In more recent times, Dr. Hubbard has raised significant funds and founded several private equity vehicles having pursued projects in California and elsewhere. Most recently, Dr. Hubbard led President Energy into Paraguay and has unlocked exploration plays with potential to develop into the largest new hydrocarbon province to be discovered onshore South America in the past 20 years. PetroVictory’s Pirity Concession is a key piece of acreage in this exciting new play.
Richard F. Gonzalez, CEO, commented: ‘The addition of Dr. Hubbard to our Executive Management team is an absolute game changer for our company and would be for a company 50 or 100 times our size. Dr. Hubbard’s brilliance and impeccable reputation as one of the world’s foremost geologist oil finders now sets us apart with wisdom and expertise rarely found in a company of our size. On top of that, Dr. Hubbard is the world’s foremost authority on our highly prospective assets in Paraguay. I look forward to working with and learning from Dr. Hubbard while we execute our strategic business plan to unlock exceptional shareholder value and energy independence for the people of Paraguay.’