The Tampa firm has a new president and a new development partner.
TAMPA — Proper Power & Energy Inc. (symbol: PPWE) has a new president in place, and will work with a new partner in 2011 to develop its energy assets.
Andrew Kacic has been named Proper's newest president, a release said. Kacic is the former president and founder of American Resources of Delaware Inc., a company whose assets grew from $220,000 to more than $40 million over four years. Kacic replaces Joseph Abdo, who will remain with the company as CEO and chairman of the board.
Proper also announced that it has entered into a “strategic alliance” with Mayo Energy Partners to develop the company's assets in Utah. The companies hope to drill a new exploratory well in Utah in the third quarter of this year.
Proper Power & Energy Inc. is an energy exploration and production company. It owns energy assets in Kentucky and Utah, and its corporate headquarters are in Tampa.