PDC Energy Inc. President and CEO Barton Brookman said May 20 that Kimmeridge Energy Management Co. LLC founder and managing partner Benjamin Dell is focused on pushing PDC to engage in a potential merger ahead of its annual stockholders' meeting slated for May 29. Dell has been nominated by Kimmeridge, which holds a 5.1% interest in the oil and gas producer, to be part of PDC's board of directors.
In a letter to shareholders dated May 20, Brookman said Dell could be a financial participant in a potential transaction, presenting a conflict of interest.
Brookman urged shareholders to support the company's nominees. PDC nominated Brookman and independent directors Mark Ellis and Larry Mazza for reelection.
The continued leadership of the board is critical to the company's ongoing success, Brookman added.
Kimmeridge nominated Dell, James Adelson and Alice Gould to serve on PDC's board.
Proxy advisory firm Institutional Shareholder Services Inc. also recommended shareholders vote for Kimmeridge's board nominees. Independent advisory firm Glass Lewis & Co. suggested that shareholders vote for PDC's nominees.