The Board of Directors of SPT Energy Group Inc. announced that to in line with the development of the Company and for the enhancement of corporate governance of the Company, (i) Mr. Wang Guoqiang will step down as the chief executive officer of the Company with effect from 11 May 2018, but will continue to be the chairman of the Board and an executive director of the Company; Mr. Ethan Wu, the executive director of the Company, will be appointed as the chief executive officer of the Company in place of Mr. Wang with effect from 11 May 2018. Mr. Wu is one of the company's main founders and has over 26 years of experience in the petroleum industry. Mr. Wu has been a director since June 2008. Prior to joining the Group, Mr. Wu served as an assistant engineer of North China Oil Field Testing company, a subsidiary of China National Petroleum Corporation, from March 1991 to November 1993.