Aaron Oil Company, Inc. Announces the Appointment of Board of Directors and CEO

MOBILE, AL – In the wake of Aaron Oil Company founder Daniel A. Cowart’s death last week, a Board of Directors, has been appointed along with a new Chief Executive Officer. The new Board of Directors is comprised of: Jeffrey M. Gross, Lauren Cortelyou Cowart, Cynthia Tourné Gass, James P. Teague and Peter W. Colmer. Mr. Gross who was appointed to serve as Chief Administrative Officer in November, has now been appointed as Chief Executive Officer, the position left vacant upon Mr. Cowart’s death. Mr. Gross holds a Master of Business Administration from Northwestern University and a Bachelor of Science in Economics from The University of Wisconsin. He has spent twenty years in private investment banking, eight years in the private equity arena dealing with private, middle market companies, and he has been involved in over a hundred transactions as a middle market advisor and twelve as an investor totaling more than $2 billion.

Cynthia Gass who has been with Aaron Oil for over thirty years will continue to serve as President and Chief Financial Officer of the company. Another of the new board members, James Teague, who has been employed with Aaron Oil for twenty years, was appointed as Executive Vice-President. Lauren Cowart, the widow of Dan Cowart, holds a Master’s Degree in Adult Learning and Human Resource Development from Virginia Polytechnic Institute and State University. Peter Colmer of Finley, Colmer and Company, Atlanta, GA, is an expert and consultant in corporate finance and business administration. He will continue to serve as an advisor to the company and he will also sit on the Board of Directors.

Earlier this year, Aaron Oil Company, Inc. celebrated its 35th Anniversary. Many of the senior management team members have been in place for most of that time. Scott McLeod, Dan’s longtime friend and colleague, merged his company into Aaron Oil Company in 2002. He has been in the used oil industry for thirty plus years. Our Chief Operations Officer, Mitch Mace, has been with the company for over twenty years. Daryl Kennedy, Director of Aaron Oil wholly-owned subsidiary, International Hydrocarbon Services and the Mobile River Dock Operations, recently celebrated his thirtieth anniversary with Aaron Oil Company.

When asked about plans moving forward, Mrs. Gass stated: “Our senior management team that was already in place, will continue to manage the day to day operations of the company as it has for many years.” If there is a difference in strategic direction, Mr. Gross believes it will be in the focus on shareholder value. He stated: “Dan grew this company well beyond what many would have expected in this business. He had a remarkable ability to anticipate changes and shifts in the industry. That’s what led him to make several large capital investments in new growth opportunities over the last few years. We have the structure in place; now we are going to maximize its potential in the coming years.”