Ronald D. Ormand Becomes Chief Executive Officer
James W. Denny III Appointed Executive Vice President of Production & Operations
SAN ANTONIO, April 10, 2018 (GLOBE NEWSWIRE) -- Lilis Energy, Inc. (NYSE American:LLEX), an exploration and development company operating in the Permian Basin of West Texas and Southeastern New Mexico, announced today that Executive Chairman Ronald D. Ormand has been appointed Chief Executive Officer in addition to Chairman of the Board. James W. Denny III has been appointed Executive Vice President of Production and Operations and the Board of Directors has also appointed Michael G. Long as new member of the Board.
“I am very honored and excited about my new role with the Company and look forward to leading the Lilis team. We have built a very strong base of assets and an experienced management team and Board of Directors. I look forward to further developing our asset base with our team,” said Mr. Ronald Ormand, who will hold the titles of both Chairman and CEO of Lilis.
Mr. Ormand continued, “I am also very pleased to welcome Jim Denny to the Company as our new Executive Vice President of Production and Operations and Mike Long as a new member of Board of Directors. Both Jim and Mike bring significant oil and gas expertise to the Company with over 75 years of collective industry experience. Mike and Jim will substantially enhance the Company’s ability to continue creating shareholder value.”
Mr. Ormand, who joined Lilis’s Board as a Director in March of 2015 and became Executive Chairman in 2016, brings more than 35 years of industry experience as a senior executive and strategic advisor in the energy sector. Mr. Ormand’s background includes extensive management as well as financing and strategic expertise acumen in the oil and gas industry.
Mr. Denny brings more than 40 years of industry related experience to the Company. Prior to joining Lilis, Mr. Denny served as Vice President at Siltstone Resources, a private exploration and production company engaged in the acquisition, development and production of unconventional resources in the United States and as Executive Vice President of Operations and as President of the Appalachian Division of Magnum Hunter Resources. Mr. Denny has also served in other management roles of independent Oil and Gas Companies. He is a registered Professional Engineer (Louisiana), a National Certified Earth Scientist and and is also a member of various industry associations, including the American Petroleum Institute, the Society of Professional Engineers, the Society of Petroleum Engineers and the Society of Petroleum Evaluation Engineers.
Mr. Long is an experienced financial executive with over 35 years of oil and gas related management, corporate finance, capital markets, risk management and strategic planning activities for both private and public oil and gas companies. Mr. Long is currently a member of the Board of Directors of S&A Resources, a Denham Capital backed private equity upstream oil and gas start-up company focused on the Eagle Ford. Prior to joining the Board of Directors of S&A Resources, Mr. Long served as the President and Chief Financial Officer for Sanchez Energy Corporation and privately held Sanchez Oil and Gas Corporation and its affiliates. Mr. Long also held the positions of EVP and CFO of Edge Petroleum Corporation and Vice President of Finance for W&T Offshore.
About Lilis Energy, Inc.
Lilis Energy, Inc. is a San Antonio-based independent oil and gas exploration and production company that operates in the Permian’s Delaware Basin, considered amongst the leading resource plays in North America. Lilis’ current total net acreage in the Permian Basin is over 19,000 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.
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; our anticipated future cash flows and ability to access other sources of liquidity; 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 (the “SEC”). Additionally, initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels. In particular, production from horizontal drilling in shale oil and natural gas resource plays and tight natural gas plays that are stimulated with extensive pressure fracturing are typically characterized by significant early declines in production rates. Readers 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.
V.P. Finance & Capital Markets
210-999-5400, ext. 31
Lilis Energy Inc.