Change in Directors or Principal Officers, Other Events, Financial Statement
May 8 , 2007On May 4, 2007, Paul Branagan, the Company's President and Chief Executive Officer , retired as an officer and director of Petrol Oil and Gas, Inc. (the "Company"), citing health reasons. The Company is not aware of any disagreement Mr. Branagan may have with the Company on any matter relating to the Company's operations, policies or practices. In connection with Mr. Branagan's retirement, the Company entered into a Retirement Agreement with Mr. Branagan providing (1) six months of salary continuation and 18 months of health benefits, (2) termination of the employment agreement between Mr. Branagan and the Company, (3) the release by Mr. Branagan of his 1% overriding royalty interest in Company oil and gas production, and (4) mutual releases of claims. A copy of the Retirement Agreement is attached hereto as Exhibit 10.1 and incorporated herein by reference.
On May 4, 2007, Suzanne Herring resigned as a director of the Company. The Company is not aware of any disagreement Ms. Herring may have with the Company on any matter relating to the Company's operations, policies or practices.
On May 4, 2007, Loren W. Moll, the current Chairman of the Board of the Company, was appointed interim President and Chief Executive Officer of the Company by the Board of Directors. Information regarding Mr. Moll's business experience and relationships with the Company is included in the Company's Annual Report on Form 10-K, Items 10 and 13, filed on April 17, 2007, for the Company's year ended December 31, 2006, which information is incorporated herein by reference.
Mr. Moll previously indicated his intention not to stand for re-election to the Board at the next annual meeting of stockholders. On May 4, 2007, Mr. Moll informed the Board that he is now willing to stand for re-election to the Board at the next annual meeting of stockholders.
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