Sundance Energy Inc. Announces Appointment of Stephen J. McDaniel to Board of Directors
December 10 2019 - 8:30AM
Sundance Energy Inc. (NASDAQ: SNDE) (“Sundance” or the “Company”),
a U.S. onshore oil and gas exploration and production company
focused in the Eagle Ford in South Texas, today announced that
Stephen J. McDaniel has been appointed to serve as an independent,
non-executive member of the Company’s Board of Directors.
Current Chairman of Sundance, Michael D.
Hannell, will continue to serve as Chairman of the Board through
December 31, 2019, at which time Mr. Hannell will step down and Mr.
McDaniel will transition to the role of Chairman. As
previously announced, Mr. Hannell intends to retire from the Board,
which is expected to be effective in April 2020 to ensure an
orderly transition of leadership responsibilities. Subsequent
to Mr. Hannell’s retirement, the Company’s Board of Directors will
comprise seven directors, six of whom will be independent
non-executive directors and five of whom will be U.S. based
directors.
Eric McCrady, Sundance’s Chief Executive Officer
said “I would like to thank Mike for his many years of service to
Sundance. Under Mike’s Chairmanship the company grew from a small
non-operating company with ~4 boepd of production to a
best-in-class operator with ~13,600 boepd of production. We would
not be where we are today if not for his many contributions. Since
joining our board in 2006 and becoming our Chairman in 2008, he has
continually provided Sundance with guidance and wisdom, and we are
incredibly grateful.”
Mr. McDaniel has led a distinguished career in
the oil and gas industry, presently serving on the Board of
Directors for Ultra Petroleum Corporation (OTCQX: UPLC), Encino
Energy, a $2 billion private exploration and production company,
and Bazean Corporation, an oil and gas focused technology
company.
Mr. McDaniel previously founded Midstates
Petroleum Company, serving as its Chairman and CEO. Mr. McDaniel
built Midstates from a start-up company with less than $1 million
in equity capital and grew the company to an enterprise value of
approximately $1 billion at the time of its IPO in 2012.
Prior to founding Midstates, Mr. McDaniel spent
nine years in investment banking predominantly at Merrill Lynch
where he served as Managing Director in the global energy and power
group focused on large scale M&A and capital markets
transactions. Mr. McDaniel began his career with ConocoPhillips
where he spent 13 years in roles of increasing responsibility in
engineering, operations, and business development, ultimately
serving in a corporate business development role as Vice President
of Business Development for Conoco Overseas Oil Company.
Mr. McDaniel holds a Bachelor of Science Degree
in Petroleum Engineering from Louisiana State University and is a
member of the Society of Petroleum Engineers, the Independent
Producers Association of America, and the National Association of
Corporate Directors. Mr. McDaniel also serves as the Chairman
of the Executive Board of Directors of the largest Big Brothers Big
Sisters affiliate in the country, covering the major population
centers across Texas.
Mr. McCrady went on to say “We are very excited
to announce the appointment of Steve to the Sundance Board and
welcome him as our new Chairman. His wealth of experience from a
long and incredibly diverse background in the oil and gas sector is
a major addition. His success in building a best in class business
at Midstates from the ground up and track record of increasing
shareholder value will serve Sundance well as we seek to become a
dominant player in the Eagle Ford.” About Sundance Energy
Inc.
Sundance Energy Inc. (“Sundance” or the
“Company”) is an independent energy exploration company located in
Denver, Colorado. The Company is focused on the acquisition and
development of large, repeatable oil and natural gas resource plays
in North America. Current activities are focused in the Eagle
Ford. A comprehensive overview of the Company can be found on
Sundance’s website at www.sundanceenergy.net.
Cautionary Statement Regarding
Forward-Looking Statements
This press release contains certain
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. These statements are identified by the use of the
words “project,” “believe,” “estimate,” “expect,” “anticipate,”
“intend,” “contemplate,” “foresee,” “would,” “could,” “plan,” and
similar expressions that are intended to identify forward-looking
statements, which are generally not historical in nature. These
forward-looking statements are based on management’s current
expectations and beliefs concerning future developments and their
potential effect on Sundance. While management believes that these
forward-looking statements are reasonable as and when made, there
can be no assurance that future developments affecting Sundance
will be those that are anticipated. Sundance’s forward-looking
statements involve significant risks and uncertainties (some of
which are beyond Sundance’s control) and assumptions that could
cause actual results to differ materially from Sundance’s
historical experience and present expectations or projections.
These include, but are not limited to, risks or uncertainties
associated with our previously completed redomiciliation
(including the ability to recognize any benefits therefrom),
the discovery and development of oil and natural gas reserves,
cash flows and liquidity, business and financial strategy, budget,
projections and operating results, oil and natural gas prices,
amount, nature and timing of capital expenditures, including future
development costs, availability and terms of capital and general
economic and business conditions. You are cautioned not to place
undue reliance on forward-looking statements contained in this
press release, which speak only as of the date of this press
release. Forward-looking statements also are affected by the risk
factors described in Sundance’s Annual Report on Form 20-F for
the fiscal year ended December 31, 2018, as amended, and those
set forth from time-to-time in other filings with the SEC. Sundance
undertakes no obligation to publicly update or revise any
forward-looking statements after the date they are made, whether as
a result of new information, future events or otherwise.
For more information, please contact:
John Roberts VP Finance & Investor RelationsTel: (720)
638-2400 |
|
Eric McCrady Chief Executive OfficerTel: (303) 543-5703 |
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