DENVER, June 18, 2014 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC" or the "Company") (Nasdaq:PDCE) announced today that James M. Trimble, President and Chief Executive Officer (CEO), will step down and return to his previously held Board of Directors role in January 2015. He will be succeeded as President and CEO by Barton Brookman. Mr. Brookman will be appointed President effective immediately. He has been with the Company since 2005, most recently serving as the Executive Vice President and Chief Operating Officer since his appointment in June 2013.
"Bart's appointment to President and CEO represents a leadership transition that we expect to be seamless," said Jeff Swoveland, Non-Executive Chair. "Over the past several years, Bart has been actively mentored by Jim, and the Board is confident that Bart will continue the growth and expansion that PDC has seen under Jim's leadership. On behalf of the Board, I'd also like to thank Jim for his tireless leadership over the past few years. During his tenure as CEO, the Company has seen tremendous growth in production, profitability and shareholder returns. We are especially pleased that Jim will continue to serve on the Board, providing PDC with the ongoing benefit of his many years of industry and company experience."
"As I begin my transition back to being a non-management member of the Board of Directors, I am proud to reflect on three years of noteworthy accomplishments – including restructuring the Company to focus on liquids, delivering substantial production growth and initiating successful exploration in the Utica shale," said Mr. Trimble. "During my time as CEO we also executed many strategic and operational changes that have driven significant value for our shareholders. Bart has been an integral part of our operational excellence and I have every confidence in his ability to lead PDC Energy in the future."