Oil patch insider: Pantheon Resources appoints Alaskan-born Max Easley as CEO

Kay Cashman

Petroleum News

Pantheon Resources plc, the oil and gas company developing the Kodiak and Ahpun oil fields on Alaska's North Slope via local affiliate Great Bear Pantheon, recently announced the appointment of Alaskan-born Max Easley, 57, as chief executive officer, succeeding Jay Cheatham.

George ('Max') Washington Easley will be appointed as a member of the Pantheon Board of Directors effective Feb. 28, while Cheatham will continue to serve Pantheon as a non-executive director for a period of handover to Easley (the exact amount of time was not released by Pantheon).

Easley brings more than 30 years of experience as a "highly respected energy executive, drawing on extensive domestic and international experience in the upstream industry," Pantheon said.

Over the course of his career, Easley has held executive roles at BP, Apache Corp. and PETRONAS Canada.

He graduated from the University of Alaska in 1991 with a degree in petroleum engineering. Following his early days learning his trade as a petroleum engineer at Prudhoe Bay, Easley worked overseas for more than a decade, primarily in the UK and Trinidad, in a variety of technical, financial and leadership roles before returning to Alaska as senior vice president of resource development for BP Alaska.

Over the past decade, he has been "a driving force in the capital efficient appraisal, development and production of unconventional resources both in the Permian Basin in Texas and the Montney in British Columbia," Pantheon said.

The appointment of Easley is "another key step in the development of the Board and governance in preparation for a possible US listing," Pantheon, an AIM-listed company, said.

David Hobbs, executive chairman of Pantheon Resources, commented: "We are delighted to welcome Max Easley as our new chief executive officer and as a member of the board of directors. Pantheon will benefit from his more than 30 years of experience in the oil and natural gas industry, particularly his experience on Alaska's North Slope and successful Permian and Montney developments. This deep industry expertise, coupled with his strategic judgment and performance track record make him the ideal candidate to execute upon Pantheon's strategy. Under Max's leadership, the company will be well positioned to shift from an exploration to a development and production company in short order."

Hobbs also expressed his personal gratitude to Jay Cheatham, "who was a key member of the search committee. Jay has been a well-respected colleague, friend and key to the company's successes to date. We would not be where we are but for his calm determination since he was appointed some 17 years ago. Jay embodies the maxim: 'Adversity does not build character; it reveals it.' Few could have shown more grit, and Jay hands over a Pantheon that is primed to deliver on what we consider the most exciting development program anywhere in North America."

In order to align himself with other executives and the wider interests of shareholders, Easley is expected to receive the following:

*One off grant of 400,000 Restricted Stock Units under the Employee Share Ownership Plan, or ESOP, announced in October 2024.

*5 million options with various time based and operational vesting criteria.

*Be eligible for ongoing standard senior executive grants under the ESOP

Pantheon expects to grant these awards post the publication of its interim financial results that will be released by the end of this quarter.

--Oil Patch Insider is compiled by Kay Cashman