MIDLAND, Texas, Feb. 11, 2019 /PRNewswire/ -- Legacy Reserves Inc. ("Legacy") (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.
Legacy Reserves Inc.
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