SAN ANTONIO, Aug. 4, 2017 /PRNewswire/ -- Lilis Energy,
Inc. (NYSE American: LLEX), an exploration and development company
operating in the Permian Basin of West
Texas, today announced that its recently named President,
James Linville, has been named Chief
Executive Officer. Mr. Linville, a petroleum engineer by
background, has led and managed oil and gas development projects in
the majority of the major unconventional U.S. basins, including in
the Delaware and Midland basins of
the Permian, for companies including U.S. Energy Development
Corporation, American Energy Partners, and Devon Energy (NYSE: DVN)
throughout his 30-year career. Amongst his key career
accomplishments are evaluating over $12
billion of acquisitions, with over $5
billion completed; co-managing approximately $850 million multi-rig horizontal development
programs, and overseeing drilling of over 500 wells.
Abraham (Avi) Mirman has resigned
from his posts as Chief Executive Officer and Director of the
Company, effective immediately. Mr. Mirman commented: "I will miss
the Lilis family dearly. I want to thank all stakeholders who
believed in me and believed in the vision I set forth for the
company. I sincerely hope that I have made you proud through what
has been accomplished. It is with a heavy heart that I am leaving
the company, but the interests of the company and its shareholders
are, and have always been, my main priority."
"The Board is extremely grateful for Avi's years of dedication
and leadership at Lilis. Avi has led an incredible transformation
of Lilis into a leading Delaware
Basin growth company. We sincerely thank him for his service," said
Ronald D. Ormand, Executive Chairman
of the Board. "The Board is enthusiastic about Jim Linville stepping into his new role as Chief
Executive Officer. Jim's impressive track record in oil and gas and
substantial operational expertise will be a significant asset to
the company."
Mr. Linville commented: "I'd like to thank Avi, as well. The
team that he assembled is tremendous, and among the most talented
and dedicated I've had the pleasure to work with. We are well
capitalized and our assets in the core of the Delaware Basin are consistently delivering
strong well results. We are also actively reviewing acreage
opportunities to continue to grow our leasehold."
About Lilis Energy, Inc.
Lilis Energy, Inc. is a San
Antonio-based independent oil and gas exploration and
production company that operates in the Permian's Delaware Basin, considered amongst the leading
resource plays in North America.
Lilis's total net acreage in the Permian Basin is approximately
10,000 acres. Lilis Energy's near-term E&P focus is to grow
current reserves and production and pursue strategic acquisitions
in its core areas. For more information, please visit
www.lilisenergy.com.
Forward-Looking Statements:
This press release
contains forward-looking statements within the meaning of the
federal securities laws. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the Company. These risks include, but are not limited to
the ability to finance our continued exploration, drilling
operations and working capital needs, all the other uncertainties,
costs and risks involved in exploration and development activities;
and the other risks identified in the Company's Annual Report on
Form 10-K and its other filings with the Securities and Exchange
Commission (the "SEC"). Investors are cautioned that any such
statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected
in the forward-looking statements. The forward-looking statements
in this press release are made as of the date hereof, and the
Company does not undertake any obligation to update the
forward-looking statements as a result of new information, future
events or otherwise.
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SOURCE Lilis Energy, Inc.