The value of small cap stock for Endeavour International Corporation was up on Thursday after the oil and gas exploration company announced a new person had been appointed to its board of directors.
Endeavour announced on September 12, 2012, that Ashok Nayyar had been named a new board member, who will serve as a non-independent director, and also offer his services to the Technology and Reserve Committee.
"Ashok's experience in the energy industry and in-depth knowledge of the financial markets and Endeavour will add real value to the company," said William L. Transier, chairman, chief executive officer and president.
Nayyar brings to the table an M.B.A from the University of Chicago Graduate School of Business and a B.A. in Economics from Columbia University.
The company also said board director Leiv L. Nergaard has resigned from the company, and will pursue personal activities in Norway.
The top-level organizational change appears to have suited investors, as the company's stock was up 6.8 percent to $9.94 as of 3:52 p.m. on Thursday, September 13.