MIDLAND, Texas, Feb. 4, 2015 (GLOBE NEWSWIRE) -- Legacy Reserves LP ("Legacy") (Nasdaq:LGCY) today announced that, as part of the previously announced change in leadership roles, Cary D. Brown, Chairman, President and Chief Executive Officer of the general partner of Legacy, has submitted his resignation as President and CEO of Legacy effective March 1, 2015. As anticipated, the Board of Directors of Legacy's general partner has appointed Mr. Paul T. Horne, currently Legacy's Executive Vice President and Chief Operating Officer, as the new President and CEO upon Mr. Brown's resignation.
Mr. Brown will remain actively involved with Legacy by continuing to serve as its Chairman of the Board. He has served as CEO of Legacy's general partner and as a member of its Board of Directors since Legacy's formation.
Mr. Horne is a founding member of Legacy's executive management team, and was added to the Board of Directors of Legacy's general partner in December 2014. He has managed operations at Legacy and its predecessor companies since 2000. Previously, he worked for Mobil E&P U.S. Inc. in a variety of petroleum engineering and operations management roles, primarily in the Permian Basin.
"We are pleased that we are able to make a smooth CEO transition as part of our ongoing succession planning," said Bill Granberry, chairman of the Nominating, Governance and Conflicts Committee of the Board of Directors of Legacy's general partner. "As a Board, we appreciate the excellent job that Cary has done as CEO. He has led Legacy through a period of tremendous growth, with daily production increasing from about 3,600 barrels of oil equivalent per day at its initial public offering in 2007 to about 32,000 barrels of oil equivalent per day in the third quarter of 2014. We are glad that he will continue to provide leadership as Chairman of the Board. We look forward to working with Paul as our new President and CEO. He has also made great contributions to get us to where we are as a partnership today, and we have complete confidence in his leadership in his new role. We are fortunate to have these men of outstanding skill and integrity leading Legacy."
About Legacy Reserves LP
Legacy Reserves LP is a master limited partnership headquartered in Midland, Texas, focused on the acquisition and development of oil and natural gas properties primarily located in the Permian Basin, Mid-Continent and Rocky Mountain regions of the United States. Additional information is available at www.LegacyLP.com.