From yahoo-news:

LOS ANGELES – Roger Corman, memorably dubbed “the Orson Welles of the Z-Movie” and “the Pope of Pop Cinema,” never expected the words “Academy Award recipient” would accompany his name.

The man, whose 350 movie credits include such low-budget fare as “The Masque of the Red Death” and “X: The Man With the X-Ray Eyes,” is receiving an honorary Oscar for a lifetime of achievement that includes mentoring such filmmakers as Francis Ford Coppola, Martin Scorsese, James Cameron and Ron Howard.

Corman, 83, said he was aware the board of governors of the Academy of Motion Picture Arts and Sciences was considering him for the honor. He felt certain he would not make the cut, though.

“I predicted that I would not win because I make low-budget films, and I felt the academy would not give an award to someone who made low-budget films. I was truly surprised when I got the call,” Corman said in an interview at the offices of his production and distribution outfit, New Horizons Pictures.
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via And the Oscar goes to… B-movie king Corman – Yahoo! News.