The Beard Company Reports Passing of W. M. Beard

OKLAHOMA CITY, May 2, 2011 /PRNewswire/ -- The Beard Company (Ticker Symbol: BRCO) reported that its Chairman Emeritus, W. M. (Bill) Beard, passed away on Friday afternoon, April 29, 2011.

The Company's Board of Directors joins with its officers and employees in expressing their sympathy and deep regret to Bill's family upon learning of his passing.  

The Company was started by Bill's father, Joseph G. Beard, as a sole proprietorship in 1921 when he drilled his first producing well in Stephens County, Oklahoma.  Bill had been actively involved in all management phases of the Company's predecessors since 1952 and served Beard Oil Company as its Chairman of the Board and Chief Executive Officer since 1969.  Prior to that time Beard Oil had been a family partnership, with Bill as one of the four partners.  He served as Chairman and CEO of Beard Oil when it went public in March of 1974 and had served in the same capacities for The Beard Company since 1992 until he resigned those positions in October of 2010 and became Chairman Emeritus.  

The Company's biggest success was USPCI, Inc., which Bill founded in 1968, became public in 1983, listed on the New York Stock Exchange in 1986, and was acquired by Union Pacific Corporation in 1987-88 for $396 million.  $111 million of this amount went to the Company and its stockholders.  USPCI was Bill's crowning achievement.

Bill was an avid reader and had a rare breadth of knowledge on many subjects.  His knowledge of the oil and gas business was immense, and covered every segment of the business.  During his tenure of roughly 59 years his vast range of interests led the Company to countless and varied business pursuits.  He had an innate sense of curiosity, and loved to explore new fields.  He will be greatly missed by his family and his many friends.  

About The Beard Company

The Beard Company creates, acquires, and/or invests in businesses, primarily related to natural resources, that management believes have high growth and/or above-average profit potential and can enhance shareholder value.  The Company is involved in oil and gas activities and in minerals exploration and development through its Geohedral investment.

For additional information, please view the Company's website at: www.beardco.com.

CONTACT:  Herb Mee, Jr., President & CFO, The Beard Company, Office, 405-842-2333, [email protected]

SOURCE The Beard Company