FORT WORTH, Texas, Aug. 25, 2016 /PRNewswire/ -- Lonestar Resources US, Inc. (NASDAQ: LONE) is pleased to announce that, effective immediately, John H. Pinkerton, a Director of the Company since March, 2015, has assumed the role of Chairman of the Board.
Mr. Pinkerton became a director of Range Resources Corporation in 1988 and was elected Chairman of the Board of Directors in 2008. He joined Range Resources as President in 1990 and was appointed Chief Executive Officer in 1992. In 2012, Mr. Pinkerton retired as Chief Executive Officer and stepped down as Chairman on January 1, 2015 and as a Director on April 11, 2016. Previously, Mr. Pinkerton served in various capacities at Snyder Oil Corporation for twelve years, including the position of Senior Vice President. Mr. Pinkerton received his Bachelor of Arts degree in Business Administration from Texas Christian University, where he now serves on the board of trustees, and a Master's degree from the University of Texas at Arlington.
During his 27-year tenure at Range Resources, Mr. Pinkerton was responsible for guiding it from its small cap origins to be the $9 billion dollar enterprise (by market capitalization plus debt) it is today with a strong position in the Marcellus Shale, one of the Unite States' most attractive unconventional natural gas basins. As its Chief Executive Officer, Mr. Pinkerton transformed Range Resources by establishing the technical expertise to enable a drilling-led strategy complemented by bolt-on acquisitions where synergies would enhance growth. Since 2004, John focused on expanding Range Resource's acreage and reserves in the Marcellus Shale. Under his leadership, Range experienced a substantial increase in the scale of the business, and seven consecutive years of double-digit growth in both production volume and reserves (adjusted for debt).
Mr. Pinkerton has experience in the management, acquisition and divestiture of oil and gas properties—including related corporate financing activities—hedging, risk analysis and the evaluation of drilling programs. He has represented the industry in policy matters, serving on the executive committee of America's Natural Gas Alliance. Frank D. Bracken, III, Lonestar's Chief Executive Officer, commented, "We believe John's industry experience and leadership will be an enormous benefit as Lonestar continues to execute its growth strategy. We are delighted that John shares our vision of growing Lonestar's leasehold, reserves and asset value and am confident that having John as our Chairman will be a difference-maker to our Company." Bernard Lambilliotte, Lonestar's director and retiring Chairman, added, "John has contributed meaningfully to Lonestar's ability to emerge stronger from the tough oil markets of the past eighteen months. We believe the Company is now well-positioned to create shareholder value and I look forward to John helping Lonestar to unlock its full potential."
Cautionary & Forward Looking Statements
Lonestar Resources US, Inc. cautions that this press release contains forward-looking statements, including, but not limited to, statements about the new chairman's expertise, ability and anticipated contributions to Lonestar; Lonestar's execution of its growth strategies; growth in Lonestar's leasehold, reserves and asset value; and Lonestar's ability to create shareholder value.. These statements involve substantial known and unknown risks, uncertainties and other important factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following: volatility of oil, natural gas and NGL prices, and potential write-down of the carrying values of crude oil and natural gas properties; inability to successfully replace proved producing reserves; substantial capital expenditures required for exploration, development and exploitation projects; potential liabilities resulting from operating hazards, natural disasters or other interruptions; risks related using the latest available horizontal drilling and completion techniques; uncertainties tied to lengthy period of development of identified drilling locations; unexpected delays and cost overrun related to the development of estimated proved undeveloped reserves; concentration risk related to properties, which are located primarily in the Eagle Ford Shale of South Texas; loss of lease on undeveloped leasehold acreage that may result from lack of development or commercialization; inaccuracies in assumptions made in estimating proved reserves; our limited control over activities in properties Lonestar does not operate; potential inconsistency between the present value of future net revenues from our proved reserves and the current market value of our estimated oil and natural gas reserves; risks related to derivative activities; losses resulting from title deficiencies; risks related to health, safety and environmental laws and regulations; additional regulation of hydraulic fracturing; reduced demand for crude oil, natural gas and NGLs resulting from conservation measures and technological advances; inability to acquire adequate supplies of water for our drilling operations or to dispose of or recycle the used water economically and in an environmentally safe manner; climate change laws and regulations restricting emissions of "greenhouse gases" that may increase operating costs and reduce demand for the crude oil and natural gas; fluctuations in the differential between benchmark prices of crude oil and natural gas and the reference or regional index price used to price actual crude oil and natural gas sales; and the other important factors discussed under the caption "Risk Factors" in our Registration Statement on Form 10, as amended and filed with the Securities and Exchange Commission, or the SEC, on June 9, 2016, as well as other documents that we may file from time to time with the SEC. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. The forward-looking statements in this presentation represent our views as of the date of this presentation. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation.
SOURCE Lonestar Resources US, Inc.