Houston-based E&P PEDEVCO Corp. has appointed J. Douglas Schick, the company’s current president, to CEO and board member, succeeding Simon G. Kukes. (Source: MacroEcon / Shutterstock.com)
Houston-based E&P PEDEVCO Corp. has appointed J. Douglas Schick, the company’s current president, to CEO and board member, succeeding Simon G. Kukes, effective Jan. 1, 2025, according to a Dec. 11 press release.
Kukes, who took over PEDEVCO in 2018, said the company has since worked toward entering joint development agreements in the Permian and Denver-Julesburg (D-J) basins and securing a $250 million reserve-based credit facility with Citibank.
“With the company's clean balance sheet, cash on hand, zero debt and $250 million reserve-based lending facility available to fund future organic development and accretive acquisition opportunities, and now with an expanded operations and development team, we believe the company is well-positioned for continued growth under Mr. Schick's leadership,” said Kukes, who has been appointed to executive chairman.
Schick, who joined the company as president in 2018, holds over 25 years of energy industry experience, according to the company’s release. Prior to PEDEVCO, he served as CEO, CFO and vice president of business development of his co-founded E&P American Resources.
Schick also served as the founder, owner and principal of J. Douglas Enterprises, an energy industry consulting firm, from 2011 to 2013.
While PEDEVCO is now positioned to have no debt and cash on hand, the small-cap E&P was previously in financial troubles.
Kukes and Schick rebuilt PEDEVCO right before the company was nearly delisted from the NYSE American Exchange in 2018. Through his family office SK Energy, Kukes acquired a majority equity and debt stake in PEDEVCO, allowing the company to pursue growth opportunities in Colorado and the Permian’s Northwest Shelf.
RELATED
E&P Company Turnaround: Rebuilding Pedevco
PEDEVCO on Dec. 11 also named Jody Crook as its new chief commercial officer.
Crook has served as a senior adviser for land and business development for the company since April 2020. Prior to joining the company, Crook co-founded Houston-based energy consulting firm Tenet Advisory Group LLC in 2015.
Recommended Reading
Trinasolar Develops Tandem Solar Module That Exceeds 800W
2025-03-28 - The 3.1-sq-m module was made with perovskite/silicon tandem solar cells, Trinasolar says.
Woodside Divests Greater Angostura Assets to Perenco for $206MM
2025-03-28 - The Greater Angostura field produces approximately 12% of Trinidad and Tobago’s gas supply, said Woodside CEO Meg O’Neill in a press release.
Phillips 66 Director Criticizes Activist Investor Elliott Amid Proxy Battle
2025-03-28 - A boardroom battle between U.S. refiner Phillips 66 and activist investor Elliott Investment Management has intensified with a Phillips 66 independent director leveling criticisms at Elliott in an open letter to shareholders.
Glenfarne Deal Makes Company Lead Developer of Alaska LNG Project
2025-03-28 - Glenfarne Group LLC is taking over as the lead developer of the Alaska LNG project with the acquisition of a majority interest in the project from Alaska Gasline Development Corp.
Mentor Buys Diamondback-Operated Royalty Acres in Permian
2025-03-28 - Mentor Capital Inc. has purchased a 25.127 net royalty acre stake in West Texas’ Permian Basin.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.