Lilis Energy Appoints Ronald D. Ormand to Its Board of Directors
February 25 2015 - 8:10PM
Lilis Energy (Nasdaq:LLEX), a domestic oil and gas exploration and
production company focused in the Denver-Julesburg Basin (DJ
Basin), announces the appointment of Ronald D. Ormand to its Board
of Directors effective today.
Mr. Ormand brings more than 33 years' experience as a senior
executive and investment banker in energy, including extensive
financing and merger and acquisition expertise in the oil and gas
industry, to Lilis Energy. During his career, Mr. Ormand has
completed more than $25 billion of capital markets and financial
advisory transactions, both as a principal and as a banker, during
his career.
Mr. Ormand is currently a Managing Director and Head of Energy
Investment Banking Group at MLV & Co., focused on investment
banking and principal investments in the energy sector. Prior to
joining MLV & Co. in November 2013, Mr. Ormand
was a senior executive for four and a half years at
Magnum Hunter Resources Corporation (NYSE:MHR), an E&P company
engaged in unconventional resource plays, as well as midstream and
oilfield services operations. Mr. Ormand was part of the
management team that took over management and grew MHR from
approximately $35 million enterprise value to over $2.5 billion
enterprise value at the time he left in 2013. Mr. Ormand served on
the Board of Directors and in several senior management positions
for MHR, including Executive Vice President, Chief Financial
Officer and Executive Vice President of Capital Markets. Mr.
Ormand's career includes serving as Managing Director and Group
Head of U.S. Oil and Gas Investment Banking at CIBC World Markets
and Oppenheimer (1988-2004); Head Of North American Oil and Gas
Investment Banking at West LB A.G. (2005-2007), and President
and CFO of Tremisis Energy Acquisition Corp. II, an energy
special purpose acquisition company from 2007-2009. Mr. Ormand has
previously served as a Director of Greenhunter Resources, Inc.
(2011-2013), Tremisis (2007-2009), and Eureka Hunter Holdings,
Inc., a private midstream company (2010-2013). Mr.
Ormand holds a B.A. in Economics, an MBA in Finance and Accounting
from UCLA and studied Economics at Cambridge University,
England.
"Ron is a great addition to our Board. I welcome him and the
entire new and energized team of Directors that we have assembled
over the past few months," said Avi Mirman, Director and CEO of
Lilis Energy.
"I am excited to be joining the Lilis Board of Directors and
such a distinguished group of executives. I look forward to
creating substantial value for Lilis shareholders in conjunction
with the Board and Management team. I believe the opportunity to
acquire and develop oil and gas assets over the next 12 to 18
months is a tremendous opportunity for Lilis," said Mr. Ormand.
The Company also announces that on February 19, 2015 it received
a letter from Nasdaq stating that, due to the fact that the Company
did not file its 10-Q for the third quarter of 2014 by February 17,
2015, the deadline under the extension previously granted by Nasdaq
to regain compliance with Nasdaq listing standards. The letter was
issued in accordance with standard Nasdaq procedures as a result of
the Company's failure to re-gain compliance with Nasdaq Rule
5250(c)(1), which requires timely filing of periodic financial
reports with the Securities and Exchange Commission. The
Determination Letter indicates that, unless the Company requests a
hearing before the Nasdaq Hearings Panel by February 26, 2015, the
Company's common stock will be subject to delisting from The Nasdaq
Global Market as of March 2, 2015 as a result of the Company's
non-compliance with Rule 5250(c)(1). As of today's filing of its
September 30, 2014 Form 10-Q, the Company believes it will achieve
compliance with Rule 5250(c)(1). In addition, the Company believes
that with the appointment of Mr. Ormand to its Board of Directors,
Audit Committee and Compensation Committee, the Company is now in
substantial compliance with Nasdaq's independence rules as
well.
About Lilis Energy, Inc.
Lilis Energy, Inc. is a Denver-based independent oil and gas
exploration and production company that operates in the
Denver-Julesburg (DJ) Basin, where it holds approximately 93,000
gross, 84,000 net acres. Lilis Energy's near-term E&P focus is
to grow reserves and production in its Wattenberg Field acreage
targeting the Niobrara benches and Codell Sandstone. For more
information, please contact MDC Group (414) 351-9758 or visit
www.lilisenergy.com.
Forward-Looking Statements
This press release may include or incorporate by reference
"forward-looking statements" as defined by the SEC, including but
not limited to statements regarding Lilis Energy's expectations,
beliefs, intentions or strategies regarding the future. These
statements are qualified by important factors that could cause
Lilis Energy's actual results to differ materially from those
reflected by the forward-looking statements. Such factors include
but are not limited to Lilis Energy's ability to finance its
continued exploration, drilling operations and working capital
needs, and the general risks associated with oil and gas
exploration and development, including those risks and factors
described from time to time in Lilis Energy's reports and
registration statements filed with the SEC.
Contact: |
MDC GROUP |
Investors: |
David Castaneda or Arsen Mugurdumov |
414.351.9758 |
Media: |
Susan Roush |
747.222.7012 |