Legacy Reserves LP chairman, CEO, and general partner president Cary D. Brown intends to resign from his position as CEO and president in the first half of 2015. Brown plans to continue to serve as chairman of the board.
Upon Brown's resignation as CEO and president, the Board of Directors of Legacy's general partner intends to appoint Paul T. Horne, currently Legacy's executive vice president and COO, as the new CEO and president. Additionally, the board has increased the number of directors from seven to eight, and has appointed Horne as a director to immediately fill that additional seat. Horne has been part of Legacy's executive management team and has led its operations since the company was founded in 2005.
"When Paul and I started working together in 2000, we produced about 300 BOEs per day. Together, we have built a great team that has grown the asset base to over 30,000 BOEs per day," Brown noted.
Earlier this year, the company closed on its purchase of an escalating working interest in over 2,680 natural gas wells in the Piceance Basin. Legacy purchased an initial 29% working interest that steps up to 37% on Jan. 1, 2015, then 41% on Jan. 1, 2016, for $355 million in cash.
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.