Floyd Wilson Steps Down from Management Team and Board
James Christmas Appointed as Non-Executive Chairman of the Board of Directors
$10 Million Estimated Reduction in Annual Overhead Costs as Part of Renewed Focus on Maximizing Shareholder Value Through Operational Improvement
Denver, CO, Feb. 21, 2019 (GLOBE NEWSWIRE) -- Halcón Resources Corporation (HK) ("Halcón" or the "Company") today announced that Floyd Wilson has resigned from his role as the Company’s Chairman, Chief Executive Officer and President to pursue other interests. James Christmas, who has served as a Director of Halcón since February 2012 and also serves as Lead Independent Director and Chairman of the Audit Committee, has been appointed Non-Executive Chairman of the Board.
In addition, the Company also announced that Mark Mize, Executive Vice President, Chief Financial Officer and Treasurer, and Steve Herod, Executive Vice President, Corporate Development have resigned and will depart Halcón in the coming weeks to pursue other opportunities.
Mr. Wilson stated, "Leading Halcón for the past seven years alongside a great management team has been a privilege and I am proud of the efforts of all of our employees. I’m confident a platform is in place that will allow the company to move forward with profitable growth and value creation."
“On behalf of the Board, I want to thank Floyd, Mark and Steve for their many years of leadership and contributions at Halcón, and wish them the best in their future endeavors,” said Mr. Christmas.
The Board will commence a search process for a permanent Chief Executive Officer. In the interim, the Company will be managed by a Management Committee led by David Elkouri, Executive Vice President and Chief Legal Officer, which will report to Mr. Christmas. Quentin Hicks will assume the role of Executive Vice President, Chief Financial Officer and Treasurer upon Mark Mize’s departure.
Mr. Christmas added, “Our Board is focused on pursuing a strategy to enhance profitability and increase shareholder value through disciplined cost management and operational improvements. Halcón’s management team will have a renewed focus on reducing costs at all levels and optimizing development of Halcón’s outstanding acreage with an emphasis on managing drilling and completion costs to maximize rates of return. ”
About Halcón Resources
Halcón Resources Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States.
This release may contain 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. Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects", "believes", "intends", "anticipates", "plans", "estimates", "potential", "possible", or "probable" or statements that certain actions, events or results "may", "will", "should", or "could" be taken, occur or be achieved. Forward-looking statements are based on current beliefs and expectations and involve certain assumptions or estimates that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. Estimates of future production levels are based on the Company's current drilling program, which may be subject to revision, suspension or delay based on well results, significant acquisitions and significant changes in commodity prices and/or drilling and completion costs. These risks include, but are not limited to, those set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and other filings submitted by the Company to the U.S. Securities and Exchange Commission (SEC), copies of which may be obtained from the SEC's website at www.sec.gov or through the Company's website at www.halconresources.com. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. The Company has no duty, and assumes no obligation, to update forward-looking statements as a result of new information, future events or changes in the Company's expectations.
EVP, Finance, Capital Markets & Investor Relations