CALGARY, Alberta – Guggerant Exploration formally announced the termination of Chief Executive Officer Rianni Farnto today at its investor web conference. The news of the dismissal is conjoined with the company’s devastating production numbers for 2013, which all took place during the term that Mr. Farnto served as CEO of the company. In an unusual move, the Chief Operating Officer of the company, Richard Queen, offered shareholders and staff an explanation for the dismissal, in an effort to dissuade any wide-scale share movement.
Although his background in law, economics, and accounting was sound, this was just not the right position for Mr. Farnto. Apparently, since he began his term last year, he had taken a special interest in the geological staff here at Guggerant. With his limited knowledge of geology and technical mapping, he encouraged them to use a process termed Sequence Calligraphy to find more production and reservoir targets. With threats of termination looming over their heads, our geologists tried their best to draw nice maps in a calligraphic style knowing full well he meant Sequence Stratigraphy, but they were too afraid to point it out to him. Mr. Farnto has been relieved of his position and his successor will be selected by the Board of Directors next week – Richard Queen at the WebCon
According to Mr. Farnto’s curriculum vitae, he spent 13 years as the CFO and legal council for an Italian clothing manufacturer before joining Guggerant Exploration. His expertise in international trading and marketing assured Guggerant’s board of directors he could do the job managing a mid size E&P with 89,000 BOED. His term began in November of 2012, and he was active in all aspects of the business right up until his dismissal.
Mr. Farnto apparently spent a lot of time with technical teams and Business Unit managers trying to develop the company’s portfolio in a very hands on way, which turn out was to the company’s detriment. Following Mr. Queen’s webcast, 2P News sat down with a Molly Jun, a Senior Geologist with Guggerant.
When I first met him he seemed nice. He smiled a lot, and tried to listen. After a few months, he began insisting we learn this calligraphy shit, and threatened our jobs and bonuses if we couldn’t get it right. He was obviously talking about stratigraphy, but when we tried to tell him that he got even angrier. He punched Jim in the face. I never liked that man, and he has probably ruined our stock price for a few years anyways. We drilled so many bad wells with nice writing and very pretty maps that had zero technical merit. It is very sad.
Guggerant Exploration’s stocks plummeted on both the TSE and NYSE from $13.21 per share to $0.43 since the WebCon Friday afternoon. Rumours abound that Japan’s Sockittome Resources, who has quietly been purchasing GE.TO stock over the past 18 months after advising Mr. Farnto of the Sequence Calligraphy technique, plans a hostile takeover at these rock bottom prices for the Calgary-based intermediate.