Denver-based Recovery Energy Inc. (Nasdaq:RECV), an independent oil and gas exploration and production company with operations and assets in the Denver-Julesburg (DJ) Basin, has appointed W. Phillip Marcum to the position of chairman of the board and CEO and A. Bradley Gabbard to the position of president. Gabbard will also continue in his current role as the company's CFO.
Marcum, an energy industry executive with nearly four decades of comprehensive senior level management experience joined the board of directors in September of 2011 and became Lead Director in October 2012. Marcum co-founded Metretek Technologies Inc. in 1991, which later became PowerSecure International Inc. and served as its chairman, president and CEO until 2007. His career includes serving as head of energy corporate finance of Boettcher & Company/Kemper Insurance Co. and serving as a senior officer, including chairman, president and CEO, of MGF Oil Corp. Marcum currently serves on the boards of Key Energy Services Inc. and ADA-ES Inc.
"We have a solid and growing inventory of conventional locations throughout Recovery Energy's 125,000 net acre leasehold, and are seeing progress toward development of further unconventional locations targeting the Niobrara horizon, as well as the Greenhorn, Codell and Permo-Penn horizons," said Marcum.
