MIDLAND, Texas, March 5, 2012 (GLOBE NEWSWIRE) -- Legacy Reserves LP ("Legacy") (Nasdaq:LGCY) today announced a strategic realignment of its management team. Effective March 16, 2012, the following management changes will occur:
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Cary D. Brown, Chairman of the Board and Chief Executive Officer of Legacy Reserves GP LLC, the general partner of Legacy (the "General Partner"), will also assume the role of President;
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Paul T. Horne, Executive Vice President of Operations of the General Partner, will become Executive Vice President and Chief Operating Officer; and
- Kyle A. McGraw, Executive Vice President of Business Development and Land of the General Partner, will become Executive Vice President and Chief Development Officer.
Mr. Brown stated: "I am pleased to announce that both Paul and Kyle have accepted their new roles and will continue as key members of our senior executive team. As co-founders with 57 years of combined experience in the oil and gas industry, Kyle and Paul have been and will continue to be instrumental to Legacy's success."
Legacy also announced that William M. Morris, Vice President and Chief Accounting Officer of Legacy Reserves GP LLC, has informed the Board of Directors that he intends to resign from his role as Chief Accounting Officer effective April 1, 2012. Mr. Morris will remain an employee of the General Partner and serve as Vice President - Information Technology and Tax.
Micah C. Foster, Legacy's Controller, has been appointed as Chief Accounting Officer of the General Partner effective April 1, 2012, immediately following Mr. Morris' resignation. Mr. Foster will continue to serve as Controller of the General Partner.
Mr. Brown stated: "As one of Legacy's founders, Bill has worked very hard to make Legacy's accounting group into the great organization it is today. Bill's efforts were crucial to our growth over the past six years. I especially appreciate Bill's guidance in preparing Micah for his new role as Chief Accounting Officer. I am grateful that Bill will remain with Legacy and look forward to working with Bill in his continuing role as Vice President - Information Technology and Tax."
Mr. Brown continued: "I am pleased that Micah has accepted his new role as Chief Accounting Officer. As a member of Legacy's accounting group since 2006, Micah has moved up quickly through the ranks and gained valuable accounting and management experience. His tenure and experience with Legacy will ensure continuity and a smooth transition in our accounting and financial reporting functions."
Mr. Foster joined Legacy's predecessor in January 2006 and served as Financial Accountant from March 2006 to July 2008. Mr. Foster served from July 2008 to July 2010 as Financial Reporting Manager and from July 2010 to October 2011 as Assistant Controller. In October 2011, Mr. Foster was promoted to Controller. In this current position, Mr. Foster is significantly involved in Legacy's accounting functions and manages Legacy's accounting group. Prior to joining Legacy, Mr. Foster worked as staff auditor and then senior auditor at Ernst & Young, LLP from July 2003 to January 2006. Mr. Foster holds a BBA in Accounting and Finance from Abilene Christian University and is a Certified Public Accountant.
About Legacy Reserves LP
Legacy Reserves LP is an independent oil and natural gas 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.
The Legacy Reserves logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3201
Cautionary Statement Relevant to Forward-Looking Information
This press release contains forward-looking statements relating to our operations that are based on management's current expectations, estimates and projections about its operations. 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 statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: 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 our annual and quarterly reports filed with the SEC. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. 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.