MarkWest Hydrocarbon Announces the Hiring of Richard Ostberg as Its Vice President of Compliance and the Engagement of Ehrhardt,
26 Agosto 2005 - 3:18AM
PR Newswire (US)
DENVER, Aug. 25 /PRNewswire-FirstCall/ -- MarkWest Hydrocarbon,
Inc. (AMEX:MWP) -- MarkWest Hydrocarbon announced today that it has
entered into a service agreement with Ehrhardt, Keefe, Steiner
& Hottman, PC, Certified Public Accountants and Consultants
("EKS&H") to provide internal audit services. Under the terms
of the agreement, EKS&H will provide these services along with
other accounting and consultation services on an as needed basis
and will be compensated for actual time and expenses. "EKS&H
will provide another key resource in our ongoing efforts to
strengthen our accounting, controls and financial reporting
processes," said Frank Semple, President and Chief Executive
Officer. "I am also pleased to announce the addition of Richard
Ostberg to our senior management team. Richard, as the Vice
President of Compliance, will manage the EKS&H engagement and
also be responsible for our Sarbanes-Oxley 404 compliance program.
He and his team will also provide key support for our back office
integration project and corporate development due diligence
processes. "Richard comes to us with a very strong technical
background in accounting, auditing and compliance developed in his
former positions including those with Black Hills Corporation where
he spent four years, most recently as Vice President and Controller
of Black Hills Energy, the company's non-regulated energy
operations." Prior to Black Hills, Ostberg spent four years with
Pacific Minerals, Inc, the operator of the Bridger Coal mine and
spent eight years with Deloitte & Touche in their audit
practice, including two years consulting from his national office
assignment in Washington DC. "These enhancements to our accounting,
control and compliance capabilities reinforce our continued focus
and commitment to rapidly improve the accuracy and efficiency of
the financial reporting required by the SEC and expected by our
shareholders," said Semple. "We have obviously missed the mark on
these requirements over the past several quarters and this has
become my overarching priority for our ongoing business. The issues
involved in filing the MarkWest Hydrocarbon prior year financial
statements and current year 10Qs have required complicated
accounting analysis and the process has clearly been more complex
than originally anticipated. However, we are continuing to work
diligently with our present and former outside auditors' local and
national offices to complete the review and filing of these
financial statements and to also meet the AMEX requirements. We are
intent on continuing to strengthen our organizational capabilities
and implementing the changes required to avoid future accounting
and financial reporting problems. We are deep in the process of an
intensive search for a new chief accounting officer. As we continue
to grow our business it is essential that our accounting and
financial reporting functions receive a high level of focus and
support. For that reason the new CAO will report directly to me.
Both the board of directors and I are committed to measurable
improvement and we will continue to provide updates as to our
progress." MarkWest Hydrocarbon, Inc. (AMEX:MWP) controls and
operates MarkWest Energy Partners, L.P. (AMEX:MWE), a
publicly-traded limited partnership engaged in the gathering,
processing and transmission of natural gas; the transportation,
fractionation and storage of natural gas liquids; and the gathering
and transportation of crude oil. We also market natural gas and
NGLs. This press release includes "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements other than statements of historical facts
included or incorporated herein may constitute forward-looking
statements. Although we believe that the expectations reflected in
the forward-looking statements are reasonable, we can give no
assurance that such expectations will prove to be correct. The
forward-looking statements involve risks and uncertainties that
affect our operations, financial performance and other factors as
discussed in our filings with the Securities and Exchange
Commission. Among the factors that could cause results to differ
materially are those risks discussed in our Form 10-K for the year
ended December 31, 2003, and our Forms 10-Q, as filed with the SEC.
DATASOURCE: MarkWest Hydrocarbon, Inc. CONTACT: Frank Semple,
President & CEO, or Jim Ivey, CFO, or Andy Schroeder, VP and
Treasurer, all of MarkWest Hydrocarbon, Inc., +1-303-290-8700, Web
site: http://www.markwest.com/
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