Houston-based E&P PEDEVCO Corp. has appointed J. Douglas Schick, the company’s current president, to CEO and board member, succeeding Simon G. Kukes. (Source: MacroEcon / Shutterstock.com)
Houston-based E&P PEDEVCO Corp. has appointed J. Douglas Schick, the company’s current president, to CEO and board member, succeeding Simon G. Kukes, effective Jan. 1, 2025, according to a Dec. 11 press release.
Kukes, who took over PEDEVCO in 2018, said the company has since worked toward entering joint development agreements in the Permian and Denver-Julesburg (D-J) basins and securing a $250 million reserve-based credit facility with Citibank.
“With the company's clean balance sheet, cash on hand, zero debt and $250 million reserve-based lending facility available to fund future organic development and accretive acquisition opportunities, and now with an expanded operations and development team, we believe the company is well-positioned for continued growth under Mr. Schick's leadership,” said Kukes, who has been appointed to executive chairman.
Schick, who joined the company as president in 2018, holds over 25 years of energy industry experience, according to the company’s release. Prior to PEDEVCO, he served as CEO, CFO and vice president of business development of his co-founded E&P American Resources.
Schick also served as the founder, owner and principal of J. Douglas Enterprises, an energy industry consulting firm, from 2011 to 2013.
While PEDEVCO is now positioned to have no debt and cash on hand, the small-cap E&P was previously in financial troubles.
Kukes and Schick rebuilt PEDEVCO right before the company was nearly delisted from the NYSE American Exchange in 2018. Through his family office SK Energy, Kukes acquired a majority equity and debt stake in PEDEVCO, allowing the company to pursue growth opportunities in Colorado and the Permian’s Northwest Shelf.
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PEDEVCO on Dec. 11 also named Jody Crook as its new chief commercial officer.
Crook has served as a senior adviser for land and business development for the company since April 2020. Prior to joining the company, Crook co-founded Houston-based energy consulting firm Tenet Advisory Group LLC in 2015.
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