DENVER, June 18, 2014 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC" or the "Company") (Nasdaq:PDCE) announced today that James M. Trimble, President and Chief Executive Officer (CEO), will step down and return to his previously held Board of Directors role in January 2015. He will be succeeded as President and CEO by Barton Brookman. Mr. Brookman will be appointed President effective immediately. He has been with the Company since 2005, most recently serving as the Executive Vice President and Chief Operating Officer since his appointment in June 2013.
"Bart's appointment to President and CEO represents a leadership transition that we expect to be seamless," said Jeff Swoveland, Non-Executive Chair. "Over the past several years, Bart has been actively mentored by Jim, and the Board is confident that Bart will continue the growth and expansion that PDC has seen under Jim's leadership. On behalf of the Board, I'd also like to thank Jim for his tireless leadership over the past few years. During his tenure as CEO, the Company has seen tremendous growth in production, profitability and shareholder returns. We are especially pleased that Jim will continue to serve on the Board, providing PDC with the ongoing benefit of his many years of industry and company experience."
"As I begin my transition back to being a non-management member of the Board of Directors, I am proud to reflect on three years of noteworthy accomplishments – including restructuring the Company to focus on liquids, delivering substantial production growth and initiating successful exploration in the Utica shale," said Mr. Trimble. "During my time as CEO we also executed many strategic and operational changes that have driven significant value for our shareholders. Bart has been an integral part of our operational excellence and I have every confidence in his ability to lead PDC Energy in the future."
Prior to his appointment to Executive Vice President and Chief Operating Officer in 2013, Mr. Brookman served as the Company's Senior Vice President of Exploration and Production. Before joining PDC in 2005, Mr. Brookman worked for Patina Oil and Gas and its predecessor Snyder Oil from 1988 until 2005 in a series of operational and technical positions of increasing responsibility, ending his service as Patina's Vice President of Operations. Mr. Brookman holds a B.S. in Petroleum Engineering from the Colorado School of Mines and a M.S. in Finance from the University of Colorado.
As a member of the Board, Mr. Trimble will serve as an operations advisor so as to facilitate a smooth leadership transition and a continued focus on the Company's successful growth strategy.
About PDC Energy, Inc.
PDC Energy is a domestic independent energy company engaged in the exploration, development and production of crude oil, NGLs and natural gas. Its operations are focused primarily in the liquid-rich Wattenberg Field of Colorado, including the horizontal Niobrara and Codell plays, the Utica Shale in Ohio and the Marcellus Shale in West Virginia. PDC is included in the S&P SmallCap 600 Index and the Russell 2000 Index of Companies.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding PDC's business, management and prospects. All statements other than statements of historical fact included in this release are forward-looking statements. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein. Although forward-looking statements contained in this press release reflect the Company's good faith judgment, such statements can only be based on facts and factors currently known to PDC. Consequently, forward-looking statements are inherently subject to risks and uncertainties, including risks and uncertainties incidental to the exploration for, and the acquisition, development, production and marketing of oil and natural gas, and actual outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. PDC urges you to carefully review and consider the cautionary statements made in the Company's filings with the SEC for further information on risks and uncertainties that could affect the Company's business, financial condition and results of operations, which are incorporated by this reference as though fully set forth herein. The Company cautions you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. PDC undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this release or currently unknown facts or conditions or the occurrence of unanticipated events. All forward looking statements are qualified in their entirety by this cautionary statement.