Urals Energy announces board shake up

Executive Chairman of Urals Energy, Leonid Dyachenko, has stepped down from the position after three years, the company said Friday.

Dyachenko will resign as Executive Chairman but will remain executive director of the independent oil exploration and production company.

Andrew Shrager, who held the position of Chairman with Urals Energy prior to the company's initial public offering in 2005 will take up the position of Non-Executive Chairman.

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Torbjrn Ranta, who has worked as a Chief Executive Officer for a number of publicly-listed Russian oil companies, also joins the board as a non-executive director.

Alexei Maximov, CEO of Urals Energy, said: "We are delighted to welcome Andrew, Stephen and Torbjrn to the Board and we look forward to their collective input and counsel. It is particularly pleasing that Andrew and Stephen are returning to the Urals Energy Board as both know this Company well and their appointments clearly demonstrate that the legacy situation that the Company endured are nearly resolved.

"The Board would also like to extend its welcome to Torbjrn, who brings to the company his significant sector experience which will serve as a catalyst in assisting us search for new assets."

The company, which focuses its operations in Russia, also announced it will hold its annual general meeting next February.

RD