The Board of Otto Energy Limited announced that with the review now well progressed, Mr. Mike Utsler, Executive Chairman and Chief Executive Officer of the company have mutually agreed to terminate Mr. Utsler's employment contract. Mike will provide consulting services to the Company to ensure a smooth transition and handover. Under Mike's leadership Otto has achieved strong financial performance, as well as the successful commercialization of several new projects including Green Canyon 21 which began production in March of this year.

The Board announced the appointment of Mr. Steve Herod as Chief Executive Officer of the company effective immediately. Mr. Herod has over 40 years experience in the oil and gas industry in the USA, together with a distinguished career both as an entrepreneur and CEO. He has successfully completed numerous M&A transactions creating significant shareholder value.

He was co-founder of Petrohawk Energy Corporation and lead the successful sale of Petrohawk to BHP in a multi-billion dollar transaction. He subsequently was CEO of Grizzly Energy which he also successfully divested.