The appointment of Mr Gray restores the size of the board to seven directors, four of which are independent. Mr Gray is a senior vice president at UBS Financial Services in Austin, Texas, where he is a member of a team managing portfolios for high net worth individuals and foundations. Prior to his employment with UBS, Mr Gray was at Morgan Stanley. He has been involved in banking and investment activities since 1972. Mr Gray will hold office for a term expiring at the company's 2009 annual meeting of stockholders. Clayton Williams Jr, the company's chairman and CEO, said: "We are pleased to have Ted on our board. He brings experience along with a strong finance background and knowledge base. He will be a great addition to our other board members."