Late last week, the company's chief executive Don Beard said he would retire due to health concerns after serving at the helm for over eight years. Under Beard's lead, Cultus' market capitalisation grew from US$16 million in September 1990 to $57 million, with the number of shareholders rising from 10,300 to 12,600, new boss Mark Dunphy said. Cultus currently has 15 million barrels of oil equivalent of developed producing reserves in the proven and probable category, 32 million boe of undeveloped resources and daily production of 5600 boe.