New York City-based Warren Resources (NASDAQOTH:WRES.DL) has a new CFO.

On Monday, the independent oil and gas company announced that it has promoted current Chief Financial Officer Timothy A. Larkin to the position of executive vice president for mergers and acquisitions, after 18 years' service in the former capacity. Taking his place will be Corporate Controller Stewart P. Skelly, now promoted to the CFO's post.

In making the announcement, Warren Chairman and Chief Executive Officer Philip A. Epstein praised Skelly's "solid understanding of Warren's financial position" and noted that Larkin's new job will focus on growing the company's assets "through acquisitions and industry joint ventures."

Terms of the executives' new compensation structures, assuming they have changed, have not yet been filed with the SEC.

Fool contributor Rich Smith and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.