HOUSTON - Houston-based Resaca Exploitation Inc. has named J.P. Bryan, current chairman of the board, as chairman of the board and CEO. John J. "Jay" Lendrum, III will assume the role of vice chairman. 

These leadership changes were previously announced in September 2009 concurrent with the announcement of the proposed merger with Cano Petroleum Inc., but were deferred when the merger was delayed and ultimately not completed.

Commenting on the leadership changes, Bryan said, "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." 

Source:  Resaca Exploitation Inc.