Tamboran appoints board chairman as interim CEO after leadership change

Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) appointed board chairman Dick Stoneburner as interim chief executive officer following the departure of Joel Riddle, who stepped down from his roles as CEO and managing director.

The company has initiated a search for a permanent CEO and engaged an executive search firm to assist in the process. Stoneburner will serve as both chairman and interim CEO until a successor is named.

The Australian natural gas company also announced two new board appointments. Scott Sheffield and Phillip Pace joined as non-executive directors, while John Bell Sr. stepped down from the board. The changes maintain the board's composition at nine directors.

Sheffield brings over 50 years of energy industry experience, including his tenure as CEO of Pioneer Natural Resources Company from 2019 until December 2023. Pioneer was acquired by Exxon Mobil Corporation in May 2024. Pace has more than 30 years in the energy sector and served as founding partner and managing director of Chambers Energy Management from 2009 to 2020.

The appointments coincide with an agreement between Tamboran and Sheffield Holdings, LP, Bryan Sheffield and affiliated entities, which collectively own approximately 17.6% of the company's outstanding common stock. Under the agreement, Sheffield was appointed as a Class II director and Pace as a Class III director.

The Sheffield Group agreed to standstill, voting and other provisions that remain effective until the company's 2028 annual meeting of stockholders or December 31, 2028, whichever comes first.

Tamboran operates in Australia's Beetaloo Basin in the Northern Territory, holding approximately 1.9 million net prospective acres. The company is working to complete a three-well drilling program and stimulation of a 10,000-foot lateral during the second half of 2025.

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