“As we continue to focus on strengthening our balance sheet and maximizing liquidity, we are reducing our activity in light of current challenging economic conditions,” said CEO Matt Owens, in a written statement. “We will continue to monitor oil prices and the economy in general, and we may further adjust our level of activity if market conditions change materially.”
All of the company’s officers elected to cut their salaries and bonuses by 10% immediately, the company said.
The company last month named a new permanent CEO, appointing acting CEO and company co-founder Matt Owens to the position.
Source: Denver Business Journal