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
VTX Energy Quickly Ramps to 42,000 bbl/d in Southern Delaware Basin
2024-09-24 - VTX Energy’s founder was previously among the leadership that built and sold an adjacent southern Delaware operator, Brigham Resources, for $2.6 billion.
US Drillers Cut Oil, Gas Rigs for Third Week in a Row
2024-10-04 - The oil and gas rig count fell by two to 585 in the week to Oct. 4.
EY: How AI Can Transform Subsurface Operations
2024-10-10 - The inherent complexity of subsurface data and the need to make swift decisions demands a tailored approach.
Bowman Consulting to Manage, Monitor Delaware Basin Wells
2024-10-14 - Bowman Consulting Group’s scope of work includes conducting detailed field surveys of above-ground infrastructure assets across well sites of up to to 8 acres.
E&P Highlights: Oct. 7, 2024
2024-10-07 - Here’s a roundup of the latest E&P headlines, including a major announcement from BP and large contracts in the Middle East.
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.