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Legacy Reserves Inc. Announces Board Resignation and Appointment

MIDLAND, Texas, Oct. 8, 2018 /PRNewswire/ -- Legacy Reserves Inc. ("Legacy") (NASDAQ:LGCY) announced today that Dwight Scott, Senior Managing Director of The Blackstone Group L.P. and President of GSO Capital Partners LP ("GSO"), has resigned from Legacy's Board of Directors effective immediately, and, in conjunction, GSO has relinquished its Board nomination right. The Company also announced that Doug York has been appointed to Legacy's Board. Mr. York is a Co-Founder and Managing Director of Sequel Energy Group LLC, which pursues investments in drilling joint ventures in North America resource plays, and he previously spent ten years with St. Mary Land and Exploration Company (now SM Energy Company) where he served as Vice President, Engineering and Acquisitions and later as Executive Vice President and Chief Operating Officer.

Legacy Reserves LP Logo (PRNewsfoto/Legacy Reserves LP)

Paul T. Horne, the Chairman of the Board and Chief Executive Officer of Legacy, commented, "We thank Dwight for his keen insight and thoughtful approach on our Board and look forward to his continued support of the company. GSO has been a committed investor and, through their capital investment and idea generation, has assisted us in our transition out of the MLP and into the C-Corp sector. We look forward to building on our previous successes with GSO's continued support."

Mr. Scott commented, "From the first day we made our investment, GSO's relationship with the leadership and Board at Legacy has been strong. This is a team that has worked exceptionally hard to protect the company's many constituents, and I have been pleased to be a part of that.  We wish the company well, have full confidence in the management and Board, and will continue to work with Legacy as it further strengthens its business."

Mr. Horne also stated, "We are excited to announce that the Board has appointed Doug York as our newest Director. Doug's industry experience in operations, drilling, acquisitions, and especially his focus in shale plays, makes him a great addition to our Board and we are excited that he is joining Legacy as we continue to transition the Company."

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 reorganized 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 filings with the U.S. Securities and Exchange Commission (the "SEC"), including  Legacy Reserves LP's Annual Report on Form 10-K, Legacy Reserves LP's Quarterly Reports on Form 10-Q and Legacy Reserves LP and Legacy's 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.
Dan Westcott
President and Chief Financial Officer
432-689-5200

 

SOURCE Legacy Reserves Inc.