GMT Exploration Company LLC is managed by a Board of Managers (“Board”), which performs substantially the same functions as a board of directors of a corporation. Thomas E. Claugus and William D. Lancaster serve as the members of GMT’s Board. The day-to-day management and operations of GMT’s business are performed by or under the supervision of certain executive officers, who serve at the power and direction of the Board, and perform substantially the same functions as the executive officers of a corporation.

Thomas E. Claugus has served as Chief Executive Officer and Chairman of the Board of Directors since GMT Energy was formed in early 1991. Mr. Claugus resigned his positions with GMT Energy effective with the merger and has since then served as a member of the Board and the Chief Executive of GMT Exploration.  Mr. Claugus graduated with a Bachelor of Chemical Engineering degree, summa cum laude, from Ohio State University in 1973. Upon graduation, he joined Rohm and Haas Company (‘Rohm and Haas’) as a process engineer. In 1975, Mr. Claugus entered Harvard Business School and graduated with a Master of Business Administration degree, with high distinction, in 1977. Upon graduating from Harvard in 1977, Mr. Claugus returned to Rohm and Haas as a production manager of a manufacturing facility in Mexico. Over the next eight years he held positions of increasing responsibility with Rohm and Haas in Mexico, culminating in his appointment as General Manager of Rohm and Haas for Mexico. During the period from 1985 to mid-1989, Mr. Claugus was the business manager for the Construction Products business and then the Trade Sales business (about $180 million in sales) for Rohm and Haas in Philadelphia, Pennsylvania. From June 1989 to November 1990, Mr. Claugus was the manager for Europe of the Polymers Division of Rohm and Haas, based in London, England. This position included all polymer business (approximately $200 million in sales) conducted by Rohm and Haas in Africa and Eastern and Western Europe. In November 1990, Mr. Claugus left Rohm and Haas to engage in private investment activities. Mr. Claugus is presently a principal of GMT Capital Corp., a private investment management company with approximately $5 billion of assets under management.

William D. Lancaster joined GMT Energy as Vice President Exploration and Production on January 1, 2000.  Effective April 20, 2001, Mr. Lancaster was named President of GMT Energy. Mr. Lancaster resigned his position with GMT Energy effective with the merger and has since then served as a member of the Board and President of GMT Exploration.  He graduated from the University of Colorado with a bachelor’s degree in Geologic Engineering in 1978. From 1978 to 1983 he served in various exploration and production positions focusing on the Gulf Coast and the Rockies with Shell and Champlin/Union Pacific. He held various exploration and production management positions from 1983 to 1997 with Union Pacific Resources, HS Resources, and Bass Enterprises. From 1997 to 2000 he was Vice President Exploration/Division Exploration Manager Rocky Mountain Exploration for Santa Fe-Snyder Corporation. He has extensive exploration, production and management experience in most producing domestic United States basins. Mr. Lancaster is a former president of the Colorado Oil and Gas Association (COGA), on the Board of Directors for the Western Energy Alliance (WEA), and is a member of the Rocky Mountain Association of Geologist (RMAG), and the American Association of Petroleum Geologist (AAPG).

Guy K. Bradfield has served as Chief Financial Officer of GMT Energy since May 1996. Mr. Bradfield resigned his position with GMT Energy effective with the merger and has since then served as Chief Financial Officer and Tax Matter Partner of GMT Exploration.  Mr. Bradfield served as Controller of Kelt Energy, Inc., an oil and natural gas exploration and production company, from January 1990 to April 1996. From December 1988 to December 1990, he served as Assistant Controller for Cliffs Drilling Company.  Prior thereto, he served in various accounting capacities with Kaneb Services from December 1979 to December 1988. Mr. Bradfield received a B.S. degree in Accounting from the University of Southern Mississippi.

Philip G. Wood joined GMT Energy Company as the Vice President-Land in August 2001 and has served in the same position with GMT Exploration Company LLC since the El Paso merger in 2005. Mr. Wood has 30 years of experience in the oil and gas industry primarily focused on Land Management, Contract Negotiations, Exploration, Joint Ventures, Acquisitions and Divestitures. Over the years, Mr. Wood has held various positions with many successful small and mid-sized independents and has worked all of the major Rocky Mountain Basins, Alaska, the Mid-Continent, Texas, the Gulf Coast and Denmark. Mr. Wood received both his BA in Geography in 1979 and a MA in Social Science in 1980 from the University of Northern Colorado.