MIDLAND, Texas, Oct. 31, 2018 /PRNewswire/ -- Legacy
Reserves, Inc. ("Legacy" or the "Company") (NASDAQ:LGCY) today
announced several changes to its senior management.
Paul T. Horne, Chairman and Chief
Executive Officer, will be retiring from the Company effective
March 1, 2019 at which time he will
remain Chairman of the Board of Directors. At such time,
Dan Westcott, President and Chief
Financial Officer, will become the Chief Executive Officer while
Kyle M. Hammond, Chief Operating
Officer, will be adding the President role. Kyle A. McGraw, Chief Development Officer, will
be retiring from the Company effective December 31, 2018. Also at such time,
Albert ("Bert") E. Ferrara, III will be assuming the role of
General Counsel and Corporate Secretary as Dan G. LeRoy will be stepping back to assume the
role of Senior Legal Advisor. Cory
Elliott will be promoted to Chief Information
Officer.
Upon the transition, the Legacy senior management team will
consist of the following individuals:
Dan Westcott, Chief Executive
Officer
Kyle Hammond, President and Chief
Operating Officer
Cory Elliott, Chief Information
Officer
Bert Ferrara, General Counsel and
Corporate Secretary
Micah Foster, Chief Accounting
Officer and Controller
Paul Horne commented, "Legacy has
continued to make great progress, including our recent C-Corp
transition. Over the past six years, Dan has a played a
pivotal role in our growth and transformation, and his leadership
and direction have been invaluable to me and the Company. His
efforts made this an easy decision for the Board. I am
incredibly proud of how this team has worked together through some
difficult periods and have great confidence in their ability to
continue to lead the organization in its future success.
"I want to thank Kyle McGraw who,
as a co-founder, helped grow our company from roughly 2,000 boe/d
to roughly 49,000 boe/d today. Kyle led over 165 acquisitions
since our founding and, more importantly, helped solidify our
strong company culture. We are all very grateful for Kyle and
his efforts while at Legacy.
"I am happy for Dan LeRoy's next
chapter as he has worked closely with Bert over the past few years
to make Bert's transition to General Counsel a smooth and natural
one.
"As for me, I look forward to continuing my service as a Legacy
Board member and, along with the other directors, providing
guidance and direction where needed."
Dan Westcott said, "Paul has been
a tremendous blessing to me, the Legacy family and its
stakeholders. We have appreciated his skill, insight and
personality and are glad to have his leadership on the Board.
We are also happy for he and his family as he soon enters
retirement.
"It is an honor to become CEO and I am thankful for the
tremendous groundwork upon which we now stand. Kyle Hammond's promotion to President is
well-deserved and reflects the greater responsibility his
operational role has in the Company's new life. Bert spearheaded
our C-Corp transition work this past year and adds valuable capital
markets experience with a strategic mindset. Cory's role as CIO is
new to Legacy and captures his broader influence in the
organization. These individuals have been great assets for
the entire Legacy team. I look forward to working with our
excellent management team as we continue to grow this company and
deliver increasing value to our shareholders."
Legacy has engaged Heidrick and Struggles International, Inc. to
conduct a search to fill the Chief Financial Officer position.
About Legacy Reserves Inc.
Legacy Reserves Inc. is an independent energy company engaged in
the development, production and acquisition of oil and natural gas
properties in the United States. Its current operations are
focused on the horizontal development of unconventional plays in
the Permian Basin and the cost-efficient management of
shallow-decline oil and natural gas wells in the Permian
Basin, East Texas, Rocky Mountain and Mid-Continent
regions.
The principal executive offices of Legacy are located at 303 W.
Wall St., Suite 1800, Midland, Texas 79701. Additional
information is available at www.LegacyReserves.com.
Cautionary Statement Relevant to Forward-Looking
Information
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including, without limitation, statements regarding the
expected future growth and dividends of the company, and plans
and objectives of management for future operations. All statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that Legacy
expects, believes or anticipates will or may occur in the future,
are forward-looking statements. Words such as "anticipates,"
"expects," "intends," "plans," "targets," "projects," "believes,"
"seeks," "schedules," "estimated," and similar expressions are
intended to identify such forward-looking statements. These
forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of
uncertainties, factors and risks, many of which are outside the
control of Legacy, which could cause results to differ materially
from those expected by management of Legacy. Such risks and
uncertainties include, but are not limited to, realized oil and
natural gas prices; production volumes, lease operating expenses,
general and administrative costs and finding and development costs;
future operating results; and the factors set forth under the
heading "Risk Factors" in Legacy's and Legacy LP's filings with the
U.S. Securities and Exchange Commission, including its Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q
and Current Reports on Form 8-K. The reader should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. Unless legally required,
Legacy undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
CONTACT:
Legacy Reserves Inc.
Dan Westcott
President and Chief Financial Officer
432-689-5200
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SOURCE Legacy Reserves Inc.