MIDLAND, Texas, Feb. 11, 2019 /PRNewswire/ -- Legacy
Reserves Inc. ("Legacy") (NASDAQ:LGCY) announced today the
appointment of Robert L. Norris as
Chief Financial Officer effective February
19, 2019.
Dan Westcott, President,
commented, "We are excited to have Robert join the Legacy
team. Robert fits seamlessly with Legacy's culture, mission
and values and brings very relevant experience to the table from
his principal investments across the energy value chain and having
been a public company officer through the energy cycle. We
look forward to working together as a team to maximize stakeholder
value."
Mr. Norris has over 15 years of experience in the energy
industry. Prior to joining Legacy, Mr. Norris served as a
Principal at The Catalyst Group, an Austin-based private equity fund, where he was
responsible for sourcing and evaluating potential investment
opportunities, structuring and negotiating transactions, leading
due diligence and managing portfolio investments including several
in the oil and gas industry. Previously, Mr. Norris served in
various senior strategy and corporate development roles at Oil
States International, Inc. and its spin-off, Civeo
Corporation. He earned an MBA and a B.A. in economics from The
University of Texas at Austin.
Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
As an inducement to Mr. Norris' employment, the Compensation
Committee of the Board of Directors of Legacy granted, effective
February 19, 2019, Mr. Norris a
one-time award of 496,894 restricted stock units ("RSUs"). This
grant is being made outside of the Legacy Reserves Inc. 2018
Omnibus Incentive Plan (the "Plan") but will be subject to terms
and conditions generally consistent with those in the Plan. The
RSUs will vest over a three-year period, with 25% vesting in each
of February 2020 and 2021 and the
remaining 50% vesting in February
2022, subject to Mr. Norris' continued employment with
Legacy. Additionally, the RSUs may be subject to accelerated
vesting in certain events.
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 Reserves 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.
Investor Relations
432-689-5200
View original content to download
multimedia:http://www.prnewswire.com/news-releases/legacy-reserves-inc-announces-new-chief-financial-officer-300792856.html
SOURCE Legacy Reserves Inc.