Recovery Energy, a Denver-based independent oil-and-gas company, said Thursday that its chairman and chief executive, Roger A. Parker, has resigned.
Parker is being replaced by board member W. Phillip Marcum, an energy-industry veteran.
The company did not provide any information about why Parker stepped down. A spokesman declined to comment.
Parker joined Recovery in 2009, after resigning his positions as chairman and CEO of Delta Petroleum, a Denver company that later went bankrupt.
Delta is at the center of a criminal insider-trading case filed last month by the U.S. Attorney's Office in Denver.
Denver insurance executive Michael Van Gilder was indicted on five counts of illegal insider trading, including charges that he traded shares of Delta based on insider information from Nov. 5, 2007, at least until Jan. 9, 2008. Van Gilder allegedly e-mailed two family members about a pending deal, advising them to buy Delta stock.
Authorities have said the investigation continues, but they have not named anyone else they are pursuing. At the time of the alleged transactions, Parker was Delta's CEO.
In their indictment, authorities cite an unnamed executive at Delta and "close personal friend" of Van Gilder as the source of the illicit information he traded on.
Parker and Van Gilder, both University of Colorado alumni, were involved in several of the same civic and community engagements, including founding the Buff Club Cabinet ? which requires members to provide $25,000 a year for three years ? and volunteering at a high level with the Denver Area Council of the Boy Scouts of America.
Van Gilder handled Delta's insurance business, and Van Gilder Insurance subleased space to Recovery.
Van Gilder Insurance and Michael Van Gilder held shares in Recovery before it went public, about 55,000 and 35,000 shares respectively, according to a securities-registration statement for the company's initial public offering last summer.
The Securities and Exchange Commission, which has filed a civil case against Van Gilder, could not confirm or deny any investigations into Parker on Thursday.
Recovery on Friday reported a net loss of more than $2.8 million for its third quarter and a loss of more than $12 million for the year to date. Its stock has fallen by nearly a third since Friday, from $3.93 to $2.66 a share.
Kristen Leigh Painter: 303-954-1638, kpainter@denverpost.com or twitter.com/kristenpainter
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