Resaca announced the appointment of J.P. Bryan, current Chairman of the Board, as Chairman of the Board and Chief Executive Officer. John J. "Jay" Lendrum, III will assume the role of Vice Chairman and have a significant role in implementing the company's growth strategy. These leadership changes were previously announced on 30 September 2009 when the Company announced the proposed merger with Cano Petroleum, Inc. ("Cano"), but were deferred when the merger was delayed and ultimately not completed.
Commenting on the leadership changes, J.P. Bryan, Chairman and CEO of Resaca, said, "We appreciate Jay's dedicated service to Resaca since the Company's formation and look forward to his continued involvement and leadership with Resaca in his capacity as Vice Chairman. In this role, Resaca will continue to benefit from Jay's extensive experience in the oil and gas industry, in particular his ability to source and structure merger, acquisition, and other growth opportunities for Resaca.
"When the merger with Cano and Resaca was announced some eleven months ago, it was contemplated that I would become CEO and Jay would assume the role of Vice Chairman to use our combined efforts to build value for Resaca's shareholders. That plan is now being implemented. Both Jay and I are energized by the opportunities we believe are available to build a significant enterprise.
"There are numerous opportunities to increase near-term production at our Cooper Jal and Jordan properties. In addition, our engineering consultants have analyzed one of our largest acreage holdings, which is not currently under waterflood. Their analysis shows this property to be an excellent waterflood candidate. We have also identified a number of possible acquisition opportunities, both companies and properties. While there can be no assurance we will be successful, we are making a diligent effort to conclude a transaction of importance in the next six months.
"I would be less than candid if I said we were not sorely disappointed by the outcome of the Cano merger. However, I am confident we can significantly grow the business and value of Resaca. It is with that optimism I look forward to this new challenge."
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