FORT WORTH, Texas, Nov. 13, 2019 (GLOBE NEWSWIRE) — Lilis Energy, Inc. (NYSE American: LLEX), an exploration and production company operating in the Permian Basin of West Texas and Southeastern New Mexico, announced that Joseph C. Daches has been appointed Chief Executive Officer.
Mr. David Wood, Chairman of the Board of Directors of the Company, commented, “Joe has done an exceptional job while serving as Interim CEO, and the Board of Directors has full confidence in him to lead the Company going forward. The Board of Directors conducted an extensive search for a CEO with a leading search firm but ultimately found that the work Joe has done with his new team proved that he is a great fit for the CEO position.”
“I am honored and excited to continue leading the Lilis team. Over the past two quarters, I have reevaluated all aspects of the Company and identified many measures that I believe will position the Company for future success, growth, and long-term value creation. We have already begun to successfully implement a number of these objectives, resulting in cost reductions, increased returns on capital deployed, and a new level of operational efficiency and excellence Company wide. I look forward to continuing my efforts to enhance Lilis Energy,” said Mr. Daches.
Mr. Daches, who joined Lilis Energy in 2016, has over 25 years of experience and expertise in directing strategy and finance in primarily small and mid-size oil and gas companies. Mr. Daches has helped guide several oil and gas companies through financial strategy activities, capital raises, and both public and private offerings.
About Lilis Energy, Inc.
Lilis Energy, Inc. is a Fort Worth based independent oil and gas exploration and production company that operates in the Permian’s Delaware Basin, considered among the leading resource plays in North America. Lilis’ current total net acreage in the Permian Basin is approximately 20,000 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; 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. Investors 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