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Enervest COO leaves for Continental job

Maranto's appointment as chief operating officer for Oklahoma City independent goes into effect 1 May

Enervest chief operating officer Tony Maranto is leaving the company to take the same role at US shale giant Continental Resources.

According to a US Securities & Exchange Commission filing, Moranto's appointment to the Oklahoma City independent will become effective 1 May. He will take over the job from current president Jack Stark. Stark will retain the president title.

Maranto will receive an annual base salary of $525,000, and he will qualify for Continental's annual cash bonus plan, which has a target of 100% of base earnings, according to the filing. He is also expected to receive equity grants under Continental's 2013 Long-Term Incentive Plan, with an annual target value of $2.8 million.

Continental also noted that Maranto’s son currently works for the company as an engineer who was paid was $165,317 in 2016.

"There are no arrangements or understandings between Mr Maranto and any other person pursuant to which he was selected to be the company’s chief operating officer, nor is there a family relationship between any board member or executive officer and Mr Maranto," Continental said in the filing.

Maranto has worked at Texas-based Enervest since 2016, serving as executive vice president before being promoted to COO. Before that, he was vice president and general manager at EOG Resources from March 2004 to July 2016. While there, he led the company's Midcontinent business unit.

Stark became Continental's COO in September 2014 after the abrupt departure of predecessor Rick Bott. Stark joined Continental in 1992 and had served as the company's senior vice president of exploration since 1998.