Denbury Resources Inc. (NYSE: DNR) today reported that in accordance
with its previously announced succession plan, Gareth Roberts, founder
of the Company, stepped down as President and CEO, became Co-Chairman of
the Board of Directors and assumed a non-officer role as its Chief
Strategist. Effective today, Phil Rykhoek, currently Senior VP and Chief
Financial Officer, became the new CEO and Tracy Evans, currently Senior
VP Reservoir Engineering became President and Chief Operating Officer.
Mark Allen, currently VP and Chief Accounting Officer, became Senior VP
and Chief Financial Officer. Alan Rhoades, currently Controller –
Financial Reporting, became Vice President of Accounting.
Commenting on the changes, Mr. Wieland Wettstein, Co-Chairman of the
Board, said, “As a founding shareholder and Director, I have had the
opportunity to see our Company grow from no more than an idea into its
present stature as a leader in tertiary recovery with over 800
employees. Gareth Robert’s vision and leadership, including his ability
to develop a strong management team and a succession plan for his
transition, has been instrumental in this building process, and on
behalf of the Company, our Board, and our employees, I wish to express
our sincere gratitude. While Gareth will no longer be active in
day-to-day operations or management, we are pleased that he remains on
our Board as Co-Chairman and Chief Strategist.
“We are also pleased that we could promote from within our leadership
team and recognize and reward the talents and abilities of the promoted
individuals, all of whom have significant experience with Denbury.
Although individual titles and responsibilities have changed, our senior
management will continue to operate, as it has for several years,
through our Investment Committee structure. The Investment Committee
will consist of Messrs. Rykhoek, Evans, Allen and Robert Cornelius, our
Senior VP Operations, all current members of the committee.”
Denbury Resources Inc. (www.denbury.com)
is a growing independent oil and natural gas company. The Company is the
largest oil and natural gas operator in Mississippi, owns the largest
reserves of CO2 used for tertiary oil recovery east of the
Mississippi River, and holds acreage in the Barnett Shale play near Fort
Worth, Texas, onshore Louisiana and Alabama, and properties in Southeast
Texas. The Company’s goal is to increase the value of acquired
properties through a combination of exploitation, drilling and proven
engineering extraction practices, with its most significant emphasis
relating to tertiary recovery operations.
Denbury Resources Inc.
Phil Rykhoek, CEO, 972-673-2000
or
Mark
Allen, Sr. VP and Chief Financial Officer, 972-673-2000
www.denbury.com
