Valiant Petroleum says that Gordon Stollery has informed the Board of Directors of his intention to step-down as Chairman immediately following its Annual General Meeting (AGM) on 2 June 2009. Following this change, Mr Stollery will remain on the Board as a Non-Executive Director.

Pursuant to its Articles of Association, the Company says that Kevin Lyon has been appointed as Chairman of the Company with effect immediately following the AGM on 2 June 2009. Mr Lyon has served as a Director of Valiant since 1 October 2007 and is currently Chairman of the Remuneration Committee. Mr Lyon has broad business experience first as a Chartered Accountant and later in various roles at the private equity and venture capital business 3i plc where he built and developed several successful investment teams across the UK and led transactions in a wide range of sectors. Mr Lyon left 3i in 2004 to build a portfolio of non-executive interests and is currently Chairman of Mono Global Group Limited, an infrastructure support services to the telecoms sector and of Wyndeham Press Group Limited, a printing and communications group. He is also a Non-Executive Director of health and fitness club operator David Lloyd and was previously a Non-Executive Director of Booker plc, a wholesale cash and carry business, which listed on AIM in June 2007.

The Board would like to take this opportunity to express its sincere gratitude to Mr Stollery whose input has been invaluable to the Company over the last four years. Under Mr Stollery's stewardship the Company has progressed from its initial phases of fund raising through to a successful AIM admission and subsequent achievement of first oil from the West Don field.

The Board welcomes Mr Lyon as its new Chairman and looks forward to continuing to benefit from the combined experience of both him and Mr Stollery as Valiant continues to grow into a full-cycle exploration and production company.

Peter Buchanan, CEO, said,"I would like to add my personal thanks to Gordon for his considerable investment of time and energy in support of Valiant over the past four years. His efforts, along with those of the entire Board, have left the business on solid footing with excellent growth prospects for the future. I look forward to continuing to work with Gordon and would also like to congratulate Kevin on his new role."

Tags: Valiant Petroleum Limited