Tulsa’s Empire Petroleum Corporation is under new leadership after last week’s resignation by Thomas W. Pritchard as the firm’s Chief Executive Officer.
In a filing with the Securities and Exchange Commission, the company stated that Pritchard departed “to pursue other opportunities” and his resignation was effective March 16, 2023.
Pritchard had been CEO and Director of Empire Petroleum since January 2018 and previously co-founded Pritchard Griffin Advisors in 2015. He had also founded Pritchard Capital Partners and helped raise more than $15 billion in capital for firms in the oil and gas industry.
The SEC filing explained he will be paid severance benefits in the amount of $361,05340 as part of his employment agreement.
The board of directors voted a day later to replace Pritchard with Michael R. Morrissett as CEO in addition to his current duties as President and Principal Financial Officer of the company. He will not receive any additional compensation for assuming the role of CEO.
The company is also extending the period under which Pritchard has the right to exercise his outstanding vested non-qualified stock options from three months after the date of his termination of employment to September 16, 2024, provided he does not revoke his release.