PDC Energy Inc. said May 29 the company's shareholders had re-elected its three nominees to the board, signaling an end to its proxy fight with activist investor Kimmeridge Energy Management Co.
Shareholders re-elected President and CEO Barton Brookman as well as Mark Ellis and Larry Mazza as directors, the company said, citing a preliminary count.
The Denver-based firm is among several U.S. oil producers to face the wrath of investors during the past year, as shareholders focus on austerity measures to generate better returns.
The private equity firm, which owns about 5.1% of the company's stake, had nominated its founder Ben Dell, Alice Gould and James Adelson for board membership.
Kimmeridge Energy did not immediately respond to a request for comment.
PDC Energy shares were down 6.9% at $30.13.
The parties must now renegotiate a deal that would transfer Breitburn's Permian reserves to investors including Elliott and WL Ross through their participation in a $775 million rights offering.
Crescent Point Energy's strategy to sell assets to reduce debt and use a part of the money to finance its expansion in oil and gas production is yet to pay off.
Lime Rock’s $1.8 billion “stalking horse” offer tops a $1.6 billion enterprise valuation by Breitburn’s investment bank.