DENVER, CO -- (Marketwire) -- 07/01/10 -- 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.