Months after he was named Chief Operating Officer at Tulsa-based Empire Petroleum, Eugene Sweeney reached an employment agreement with the firm.
Empire announced the agreement was reached September 13 and the initial term is two years. Sweeney was named COO in February of this year and previously was Vice President of Operations since May 2021.
Before joining Empire, he had been a VP of Well Interventions and Director of Well Interventions and Integrity for Cudd Energy Services.
The initial term of Mr. Sweeney’s Employment Agreement is two years but the company stated that it could be extended for additional periods of 12 months. His initial guaranteed minimum base salary, per the announcement, is $260,000 and he will also be eligible for a performance bonus.
Sweeney is also entitled to receive a guaranteed annual bonus equal to 50% of his Guaranteed Base Salary. He is also eligible to participate in the company’s long-term equity incentive program adopted by the Board.