Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXF) (COPL) and its affiliates have undergone a shake-up of their board of directors alongside a US$1mln (£780,000) reduction in per-year general and administrative costs.
Chair Harald Ludwig and fellow board director Massimo Carello have stepped down from the board with immediate effect.
John Cowan will take on the role of chairman on an interim basis, with the board now consisting of three non-executive directors and one executive director, all of whom are engaged with the company's key stakeholders.
In a statement, Arthur Millholland, president and chief executive of the group, commented: "I would like to thank Harald and Massimo for their 13 years of service on the Board of COPL.
“They have both helped to guide the company to where it is today and particularly through the process of acquiring our exceptional assets in Wyoming.
“With the company now focused on increasing oil production and the development of the assets, they both feel the time is now right to step down and move on to new projects."
There are currently no plans to appoint new directors.
Cost reductions at the London and Toronto-listed oil and gas group “will continue to be evaluated” across the business in order to align its resources on its oil production development operations in Wyoming, USA.