Ray D. Reaves, founder, president and CEO of FieldPoint Petroleum Corp. (NYSE: FPP), died in an automobile accident in Bastrop County, Texas, the company’s board of directors announced in a press release on June 10.

In an emergency meeting of the board called on June 8, action was taken to put in motion a succession plan that was developed several years ago to be used in the event of such an occurrence. As part of the plan, the board elected Roger D. Bryant to serve as its chairman, fully authorized with the executive powers necessary to conduct all aspects of the business. Further, the board initiated action to begin the search for a new CEO.

“This is a great loss to FieldPoint, and a greater personal loss to every member of our board. Mr. Reaves was widely respected within the industry, and had many friends who will share our loss. Our heartfelt condolences go out to his family,” said Bryant in the release.

Bryant has been a member of the FieldPoint board for 16 years. According to the release, he has extensive experience in the oil and gas industry and corporate governance. He has served in executive level positions throughout his career. This includes having been president of a subsidiary of Dresser Industries; president of a subsidiary of Schlumberger Ltd.; president, CEO and director of Autogas Systems Inc., the developer of “Pay at the Pump” technology for the petroleum industry; and president, CEO, and chairman of Canmax Inc., a publicly traded developer of POS systems for the petroleum industry. In the position of chairman, Bryant will receive a monthly stipend of US $6,000.

“We are committed to support all initiatives of FieldPoint and want to assure our industry partners that this tragic event will not interrupt our ongoing business,” said Bryant in the release.

FieldPoint Petroleum Corp. is an independent energy company engaged in the acquisition, development, and operation of oil and natural gas properties in the US. The company is headquartered in Cedar Park, Texas.