Buccaneer official Curtis Burton resigns after board suspension

A top official of Buccaneer Energy Ltd. has left the company.

Chief Executive Officer and Managing Director Curtis Burton resigned from the board of the Australian independent effective May 12, according to a statement from Buccaneer.

In March, Buccaneer suspended Burton with pay “allowing for a review to be conducted.” With the review completed, the board held a “special purpose meeting” on May 12 to review the findings and “determined that cause exists for terminating Mr. Burton’s employment agreement.” The company provided no further details.

In an open letter to shareholders on May 7, Burton said that he and his management team had submitted a plan to the board of directors and to lenders back in January that had aimed “to revitalize the stock and pay off the company debt,” but that new board members “elected to pursue a different course and removed me from the CEO position. Since that time they have pursued liquidation of assets as an alternative. Since those decisions were made I have not been in a position to alter the course of the company nor contribute in any meaningful way to the ultimate fate of the organization.” Responding to the letter, Buccaneer said it “does not authorize this communication in any way.”

After his suspension, in March, Burton filed suit against the company, claiming that he had been terminated against the terms of his employment contract. The court recently stayed the case and required the two sides to enter arbitration, according to Buccaneer.

Buccaneer said it has “no current intention” to replace Burton as chief executive officer and managing director, but the board said it intends to continue working with its Chief Restructuring Officer John T. Young Jr., of Conway Mackenzie Inc., to determine how best to restructure the company to meet its financial commitments.

- Eric Lidji