Mr Dobitz will be available for transition purposes through April 30, 2008 on a mutually agreed basis.
John Works, president and CEO of Rancher Energy, stated that he appreciated the contributions of both men in preparing Rancher Energy for its next phase of development.
The company also announced the reduction of six persons in its technical workforce. The reduction of these six technical employees has been made in anticipation of finalizing an arrangement in which an experienced industry operator will provide financing and operational control of Rancher Energy’s CO2 enhanced oil recovery program in Wyoming’s Powder River Basin.
Mr Works noted that due diligence is continuing with the industry operator that is to provide financing and operational expertise on the CO2 project. Closing of the transaction is subject to corporate approvals, completion of due diligence and certain conditions.
