Pasquini Resigns as Head of Fortune Petroleum

Dan E. Pasquini has resigned as president and chief executive officer of Fortune Petroleum Corp., an Agoura Hills-based oil and gas exploration company, following a disagreement with the board of directors over the proposed sale of the company’s California properties.

Chairman Charles Champion, 62, has assumed the additional title of chief executive officer. Tyrone J. Fairbanks, 37, has been named Fortune’s president and also remains chief financial officer.

Fortune said in May that it was considering selling its California properties, which generated about 23% of the oil and gas produced by the company, mostly through the production of crude oil. During the past several years, the company has been shifting from California-based crude oil production to natural gas exploration and production in other states, particularly Texas. Now, Fairbanks said, a majority of the board favors divesting the company of its California holdings so it can reinvest the proceeds in its more profitable ventures in other states.

Pasquini, 51, a geologist by training, said he disagrees with the board. While acknowledging that the company’s California oil wells offer lower returns than projects elsewhere, he contends that many offer a stable, long-term source of revenue and are worth keeping.

Fairbanks called Pasquini’s resignation, which became effective June 23, a mutual decision. Pasquini remains with the company as a consultant.

Champion, the new chief executive, was named chairman earlier this year. Previously, he was president and chief executive officer of Tower Petroleum Inc. of Los Angeles.