Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On December 1, 2008, the Compensation and Benefits Committee of the Company's
Board of Directors approved increases to the base salaries of certain Named
Executive Officers, effective January 1, 2008, in the following amounts:
Margaret Dorman, Executive Vice President and Chief Financial Officer, $39,000;
and Bryan Dudman, Executive Vice President and President Smith Drilling and
Evaluation, $26,000. In addition, the Compensation and Benefits Committee
approved an annual base salary for John Yearwood, President, Chief Executive
Officer and Chief Operating Officer, effective January 1, 2009, of $1,000,000.
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