Lilis Energy Announces Appointment of David M. Wood as Chairman upon Retirement of Ron Ormand as CEO and Chairman
06 Junio 2019 - 5:00AM
Lilis Energy, Inc. (NYSE American: LLEX), an exploration and
development company operating in the Permian Basin of West Texas
and southeastern New Mexico, today announced that Ron Ormand,
currently Chairman of the Board of Directors (“Board”) and Chief
Executive Officer (“CEO”), has notified the Board of his planned
retirement from the Company effective June 6, 2019. The Board has
elected David M. Wood to serve as Chairman of the Board and Joe
Daches, currently President and Chief Financial Officer, to serve
as interim CEO while a search for a new CEO is conducted.
David Wood, Chairman of the Board, said, “On
behalf of the entire Board, we wish to express our gratitude to Ron
for the vision he brought to the creation of Lilis Energy, and for
his dedication in getting the company to where it is today. We all
wish Ron the very best in his retirement and look forward to his
continuing contributions as a member of our Board.”
David continued, “Lilis Energy has a
concentrated premium acreage footprint in the northern Delaware
Basin and is delivering strong well results across multiple
targeted horizons. The company is primed for growth with a strong
balance sheet focusing on operational excellence and efficiencies.”
David further added, “We have already engaged a leading executive
search firm to help find a new leader who will set the tone and
drive the strategy to bring this company to the next level.”
Markus Specks, Board member and Managing
Director with Värde Partners, stated “We remain strong supporters
of, and substantial investors in, Lilis Energy. We are excited
about the future and will continue working closely with the company
to assess various growth plans and associated capital needs to
unlock the value of these high-quality assets.” Värde
Partners is a global alternative investment firm with assets under
management of approximately $14 billion and a dedicated energy
practice based in Houston.
David added, “We are fortunate to have a strong
Board, quality capable employees and loyal supportive shareholders.
These factors coupled with our quality assets in one of the United
States premium oil basins make for a very compelling story with an
attractive future.”
About Lilis Energy, Inc.
Lilis Energy, Inc. is a Houston-based
independent 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’ current total
net acreage in the Permian Basin is over 20,000 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, our ability to
replicate the results described in this release for future wells;
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. 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.
Forward-looking statements regarding expected
production levels are based upon our estimates of the successful
completion of drilled wells on schedule. Actual sales
production rates from our wells can vary considerably from tested
initial production (IP) rates and are subject to natural decline
rates over the life of the well.
Contact:
Wobbe PloegsmaV.P. Capital Markets &
Investor Relations210-999-5400, ext. 31
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