MIDLAND, Texas, Oct. 31, 2018 /PRNewswire/ -- Legacy Reserves, Inc. ("Legacy" or the "Company") (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.
Legacy Reserves Inc.
President and Chief Financial Officer
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