Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Cougar Energy Managing Director Steps Down

Cougar Energy (ASX: CXY) managing director and chief executive officer Rob Neill has stepped down with immediate effect but will continue to provide management support as required during an interim handover period.

Chairman Andrew Matheson will assume interim executive responsibilities pending a search and appointment of a new managing director.

Cougar will also close its Melbourne office in November 2013 at the end of the current lease and plans to relocate to Brisbane to be closer to its tenements and activities.

"These changes are consistent with our approach stated earlier this year to reduce the Company's cash burn, deal with the legacy issues and realign staff skill sets to drive the next phase of the development of our projects," Matheson said.

"In the near future we will also be asking shareholders at the EGM on 19 September to approve a change of company name to Moreton Resources Ltd. These steps reflect our aim to further reposition the company's activities in Queensland."

The Company has commenced its search for a new director and intends to update the status of its study work at Mackenzie before the end of this month.

Since joining the company in August 2012, Neill has successfully overseen the transformation of the board and initiated and completed the work necessary for the production of the maiden resource estimate of the Mackenzie PCI Coal Project which was announced in July.

He also repositioned the company to take advantage of its coal assets resulting in the attraction of new institutional investors to the Company and provided the leadership in reshaping its business operating model.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.