Recovery Energy, Inc. (OTCBB: RECV), an independent oil and gas exploration and production company with operations and assets in the Denver-Julesburg (DJ) Basin, announces the appointment of W. Phillip Marcum to its Board of Directors. Marcum is a seasoned energy industry executive with nearly 40 years’ comprehensive experience.
“Phil’s extensive financial, operations and transactions experience in the oil and gas business, and energy sector, is a great addition to our Board,” said Roger A. Parker, Chairman and CEO of Recovery Energy. “We look forward to his contributions as we continue our exploration and production course in both conventional J Sand drilling and unconventional Niobrara horizontal drilling in the DJ Basin.”
Marcum’s successful industry track record includes taking part in more than 60 industry acquisitions, ranging in size from less than $5 million to $300 million. He has also raised in excess of $2 billion in debt and equity funds in more than 30 transactions. Marcum has extensive senior level management and corporate governance experience and currently serves on the Boards of other energy companies, including Key Energy Services, Inc. (NYSE: KEG) and Chairman of the Board of ADA-ES, Inc. (NasdaqCM: ADES). In 1991, he co-founded Metretek Technologies, Inc. (currently PowerSecure International, Inc.), a company specializing in energy services and technology, and served as its Chairman, President and CEO until his initial retirement in 2007. Marcum’s career includes serving as head of the Energy Corporate Finance department of Denver-based Boettcher & Company/Kemper Insurance Co. during the period of 1987 through 1991, and serving as a senior officer of Midland, Texas-based MGF Oil Corporation from 1976 through 1987, including serving as its Chairman, President and CEO during his last four years with the Company.
“I very much look forward to working with Recovery Energy’s experienced and highly motivated management team to achieve its corporate goals,” said Marcum.