Lilis Energy has announced the appointment of Director Ronald D. Ormand as Chairman of the Board of Directors. Former Chairman, Nuno Brandolini, who served in that role since April 2014, will remain as a member of the Board of Directors. In addition, R. Glenn Dawson joins as an independent Director and member of the Audit Committee, and G. Tyler Runnels, one of the Company’s largest shareholders who served as a non-independent Director, is resigning from his position on the Company’s Board of Directors.
“I’d like to thank Tyler and Nuno for their leadership and guidance. Both were instrumental in navigating the company through a very difficult time for our industry. We look forward to Nuno’s continued contributions as a Director, and welcome Ron’s new role as Chairman of the Board,” said Avi Mirman, Director and CEO. “These moves are designed to strengthen our team of oil and gas experts. With oil prices at 13-year lows, opportunities abound and we need to have the Board talent to assess and execute intelligently and decisively. Ron’s extensive experience in structuring and financing oil and gas mergers and acquisitions, as both a banker and an executive, is ideally aligned with Lilis’s growth strategy.
“Additionally, we are excited to have Glenn Dawson, another accomplished oil and gas veteran, join our Board. We look forward to tapping Glenn’s strong technical, operating and management experience, which have generated a track record of superior returns for shareholders. We believe Glenn’s experience will be a significant addition in moving Lilis forward,” added Mr. Mirman.
Ronald D. Ormand
Mr. Ormand joined Lilis’s Board as a Director in March of 2015, and brings more than 33 years’ experience as a senior executive and investment banker in the energy sector to his new role as Chairman. Mr. Ormand’s background includes extensive financing expertise and merger and acquisition acumen in the oil and gas industry.
Mr. Ormand most recently served as Senior Managing Director of Investment Banking Group at FBR & Co., after the company acquired MLV & Co. in September of 2015, where he had held the posts of Chairman of the Board and Head of Investment Banking.
Mr. Ormand commented, “I am very excited to be taking on the new role as Chairman of the Board of Lilis Energy. With the recent announcement of the Brushy acquisition and the favorable environment for the acquisition of financially distressed E&P companies, I am very optimistic about the Company’s future. I look forward to creating substantial value for Lilis shareholders in conjunction with the Board and Management team.”
R. Glenn Dawson
R. Glenn Dawson, Lilis’s newest Director, brings 35 years of oil and gas exploration and management experience in North America hydrocarbon basins to the Company’s Board. With a strong management, geological and operating background and expertise in discovering and developing new oil and gas opportunities, Mr. Dawson has founded several publicly traded oil and gas companies, and has been responsible for E&P budgets in excess of US$200 million annually, including multiple horizontal drilling resource plays as well as conventional oil operations.
“I look forward to working with the Directors and Management of Lilis and rejoining forces with Ron, to assist in evaluating and developing prime acquisition candidates. Specifically we will be focusing on opportunities in the Permian Basin, DJ Basin and any additional multiple horizon play opportunities that meet the criteria of Lilis’s growth strategy,” said Mr. Dawson.
Edited from press release by Angharad Lock
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