Petrominerals CEO Hodges Quits; Will Remain on Board

Everett L. Hodges, president and chief executive officer of Petrominerals Corp. for the past four years, resigned but will remain on the board of directors, the company said Monday.

The Tustin-based oil and natural gas company, which had revenues of $7.8 million in 1990, said that Kenneth M. Padula was appointed to the newly created post of chief administrative officer.

Padula was appointed as the company’s vice president and chief financial officer in July, 1991, and will continue to hold those titles.

Hodges, 38, could not be reached for comment.

Padula said that the former president has “various business interests,” including oil and natural gas exploration and production, and he found that he could no longer devote full time to the company.

The company also announced that it was forming a new executive committee to oversee oil field operations.

Hodges, Padula and Paul L. Howard, a director and former president of the company, will serve on the committee.

Padula said that the committee was formed so Hodges could serve in an advisory capacity even though he no longer works full time with Petrominerals.

The company explores, produces and markets crude oil and natural gas in California and Louisiana, and its Lunn Production Service division maintains and repairs oil and gas wells for major oil companies.

The company’s over-the-counter stock price remained unchanged Monday at 63 cents per share.

The company is expected to release its 1991 earnings and revenues at the end of the month, Padula said.

For the nine-month period ending ending Sept. 30, the company reported a loss of $51,000, contrasted with a profit of $142,000 the year before.

Revenues were $6.5 million, contrasted with $5.4 million in the same period in 1990.