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 deal would create the largest pure-play northern Midland Basin E&P with a 73,000-net-acre position and 12,000 boe/d of production that is expected to more than double through 2020.
Leasing hot spots, improved drilling metrics and more reveal some silver lining in the cloud hanging over Midcontinent producers.
Pin Oak Energy closed a transaction with a Shell affiliate to acquire roughly 43,000 acres prospective for Utica Shale development in northwestern Pennsylvania.