DENVER, April 25, 2014 (GLOBE NEWSWIRE) -- The Board of Directors of Lilis Energy, Inc. (Nasdaq:LLEX), an oil and gas exploration and production company focused on development in the Wattenberg Field and surrounding areas of the Denver-Julesburg (DJ) Basin, announced that it has appointed Nuno Brandolini to the position of Chairman of the Board and Robert (Bob) A. Bell to the position of President and Chief Operating Officer. Abraham (Avi) Mirman advanced from President to Chief Executive Officer, and A. Bradley Gabbard will continue in his current role as the Company's Chief Financial Officer. W. Phillip Marcum, who served as Chairman and CEO starting in November of 2012, has voluntarily resigned to pursue other interests.
"Nuno's strengths in corporate finance and M&A, and industry board leadership, combined with Bob's extensive operations expertise in oil and gas exploration and development, including experience in the Wattenberg Field specifically, make this leadership transition a natural," said Mr. Mirman.
Messrs. Brandolini and Bell both joined Lilis Energy's Board of Directors in February of 2014. Mr. Brandolini is a general partner of Scorpion Capital Partners, L.P., a private equity firm. Prior to forming Scorpion Capital and its predecessor firm, Scorpion Holding, Inc., in 1995, Mr. Brandolini served as managing director of Rosecliff, Inc., a leveraged buyout fund co-founded by Mr. Brandolini in 1993. Mr. Brandolini served previously as a vice president in the investment banking department of Salomon Brothers, Inc., and a principal with the Batheus Group and Logic Capital, two venture capital firms. Mr. Brandolini began his career as an investment banker with Lazard Freres & Co. Mr. Brandolini is a director of Cheniere Energy, Inc. (NYSE MKT:LNG), a Houston-based company primarily engaged in LNG related businesses. Mr. Brandolini received a law degree from the University of Paris and an M.B.A. from the Wharton School.
"I am honored to have been asked to chair Lilis Energy's Board of Directors, and I look forward to working with the leadership team to achieve its aggressive business plan as it embarks on its most ambitious E&P program, to date," said Mr. Brandolini.
Robert A. (Bob) Bell, a 33-year oil and gas industry veteran, has served as the President and CEO of Peak Operator LLC, a privately held heavy oil operator in Southern California, since October 2012. Mr. Bell's career began in 1981 in technical and management roles with major oil companies including Exxon and Unocal through 1996. Mr. Bell progressed into both public and private, mid-cap and small-cap, oil and gas enterprise executive roles including vice president-exploitation/co-president of Plains Exploration & Production, president of Tri-Valley Oil & Gas, and vice-president of operations/co-owner of Bonanza Creek Oil & Gas. He also gained valuable experience in service sector management roles including with Schlumberger. Mr. Bell's diverse engineering, management and executive experience is multi-disciplinary, global, spans large-scale developments to mature, marginal developments, and light oil, heavy oil and natural gas assets, and includes prior direct experience in the DJ Basin and unconventional reservoirs such as the Monterey and Bakken formations. Mr. Bell is a 1981 Petroleum & Natural Gas Engineering graduate from Penn State University.
"When I joined the Lilis Energy Board, I was eager to help drive towards year-over-year continuous improvement in their high-quality oil and gas asset base, and to help build and retain a high-performance team with a clear organizational direction. My mission remains unchanged and, indeed, is now heightened as I assume the reins of President and Chief Operating Officer," said Mr. Bell. "I look forward to building on the Company's well-planned horizontal E&P roadmap and to fully realizing the resource potential in its de-risked Wattenberg acreage and beyond, to the benefit of all stakeholders."
About Lilis Energy, Inc.
Lilis Energy, Inc. is a Denver-based independent oil and gas exploration and production company that operates in the Denver-Julesburg (DJ) Basin, where it holds approximately 125,000 gross, 110,000 net acres. Lilis Energy's near-term E&P focus is to grow reserves and production in its Wattenberg Field acreage targeting the Niobrara benches and Codell Sandstone. For more information, please contact MDC Group: Investors - (414) 351-9758, Media - (747) 222-7012, or visit www.lilisenergy.com.
This press release may include or incorporate by reference "forward-looking statements" as defined by the SEC, including statements, without limitation, regarding Lilis Energy's expectations, beliefs, intentions or strategies regarding the future. Such forward-looking statements relate to, among other things (1) the development of the Company's assets; (2) stakeholder returns; and (3) development of the Company's management team. These statements are qualified by important factors that could cause Lilis Energy's actual results to differ materially from those reflected by the forward-looking statements. Such factors include but are not limited to: (1) Lilis Energy's ability to finance its continued exploration and drilling operations; (2) availability of qualified personnel; and (3) the general risks associated with oil and gas exploration and development, including those risks and factors described from time to time in Lilis Energy's reports and registration statements filed with the SEC.
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Lilis Energy, Inc.
Denver, Colorado, UNITED STATES
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