Santa Fe Petroleum, Inc. announced that Tom Griffin resigned as a director and as Chief Executive Officer and President of the company. Mr. Griffin resigned as part of a plan to recapitalize and infuse operating assets in to the company. The board of directors appointed Carl Karnes and Edward Wachendorfer as directors of the company.

Upon the resignation of Mr. Griffin as Chief Executive Officer of the company, the board of directors named Carl Karnes as Chief Executive Officer of the company. Mr. Karnes, age 53, has been a managing partner in the private equity firm B4 Ventures since 1999.