SAN ANTONIO, June 26, 2017 /PRNewswire/ -- Lilis Energy,
Inc. (NYSE MKT: LLEX), an exploration and development company
operating in the Permian Basin of West
Texas, today announced that James
Linville has joined the company as its new President,
effective today. He will report directly to the Chief Executive
Officer, Avi Mirman.
Throughout his 30-year career, 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
for companies including U.S. Energy Development Corporation,
American Energy Partners, and Devon Energy (NYSE:DVN). 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.
"Lilis is one of the top performing and highest-growth upstream
energy companies in 2017. To help achieve our goal of continued
growth, we are continuing to expand our core management team to
selectively add talented executives with experience in high growth
companies. With over three decades of experience, Jim is the right
man for the job. Not only has he built an impressive track record
of oil and gas operational excellence, most recently in the
Delaware and Midland basins of the
Permian, but he also has substantial experience with growing
companies through acquisitions and strategic divestitures," said
Mr. Mirman. "The weakening commodity climate, coupled with our
strong financial position, provides an exceptional timing
opportunity for us to continue to expand our position in the
Permian and strengthen our foundation."
Prior to joining Lilis, Mr. Linville was Senior Director,
Operations and Development for U.S. Energy Development Corporation,
where he also served as a member of the Capital Committee tasked
with deploying up to $200 million
annually, primarily within the Delaware Basin and Eagle Ford. Previously, he
served as Director-Acquisitions for American Energy Partners and
subsequently as Director-Operations, for American Energy Partners'
Permian Basin affiliate. During his tenure, Mr. Linville was
responsible for assembling and leading the technical team that
screened over 400 acquisition opportunities. Two of Mr. Linville's
key evaluations resulted in the successful creation of $4.25 billion in Permian and Marcellus platform
companies for American Energy Partners.
"I am very excited to join Lilis Energy and look forward to
working with the management and technical teams to help take the
Company to the next level. Lilis has first-class assets in the core
of the Delaware Basin, and is well
capitalized and positioned to benefit from opportunities caused by
weak market conditions. I am confident that we will continue to
maximize shareholder value through a disciplined growth and
development strategy," said Mr. Linville.
Mr. Linville's career includes serving in various engineering
and leadership roles at Devon Energy from January 2001 to January
2014. From 2007-2014, Mr. Linville was Devon's Operations Manager-Rockies, where he
managed a $300 million capital budget
with 50 horizontal wells drilled per year; oversaw 2,700 producing
wells, and supervised 200 employees. Prior positions with
Devon included serving as
Supervisor-Business Process Transformation Team, an 18-month
special project; Senior Reservoir Engineering Advisor-Permian New
Mexico, and Senior Operations Engineer-Permian New Mexico. Mr.
Linville's background also includes serving as New Zealand Drilling
Manager and Senior District Petroleum Engineer-Appalachian Basin
for Eastern American Energy & Westech International; Senior
Production Operations Engineer for Consolidated Oil and Gas;
Petroleum Engineer: Permian, Rockies, Midcontinent & Gulf Coast
for Hallwood Petroleum, and Drilling Engineer and Rig Supervisor
for UNOCAL.
Mr. Linville earned a Bachelor of Science in Petroleum
Engineering from New Mexico Tech, and a
Master of Environmental Management from Marshall University. He is a member of the
Petroleum Advisory Board of New Mexico
Tech, and has previously served as a board member, section
chairman, and regional meeting chairman of the Society of Petroleum
Engineers. Mr. Linville is a registered professional engineer with
the State of Colorado.
About Lilis Energy, Inc.
Lilis Energy, Inc. is a
San Antonio-based oil and gas
exploration and production company that operates in the Permian's
Delaware Basin, considered among
the leading resource plays in North
America. Lilis's total net acreage in the Permian Basin is
over 10,000 acres. Lilis Energy's focus is to grow current reserves
and production and pursue strategic acquisitions in the
Delaware Basin. 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.