Legacy Reserves (LGCY) CEO Paul T. Horne to Retire; Dan Westcott to become CEO

October 31, 2018 4:05 PM EDT

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Legacy Reserves, Inc. (NASDAQ: LGCY) today announced several changes to its senior management.

Paul T. Horne, Chairman and Chief Executive Officer, will be retiring from the Company effective March 1, 2019 at which time he will remain Chairman of the Board of Directors. At such time, Dan Westcott, President and Chief Financial Officer, will become the Chief Executive Officer while Kyle M. Hammond, Chief Operating Officer, will be adding the President role. Kyle A. McGraw, Chief Development Officer, will be retiring from the Company effective December 31, 2018. Also at such time, Albert ("Bert") E. Ferrara, III will be assuming the role of General Counsel and Corporate Secretary as Dan G. LeRoy will be stepping back to assume the role of Senior Legal Advisor. Cory Elliott will be promoted to Chief Information Officer.

Upon the transition, the Legacy senior management team will consist of the following individuals:Dan Westcott, Chief Executive OfficerKyle Hammond, President and Chief Operating OfficerCory Elliott, Chief Information OfficerBert Ferrara, General Counsel and Corporate SecretaryMicah Foster, Chief Accounting Officer and Controller

Paul Horne commented, "Legacy has continued to make great progress, including our recent C-Corp transition. Over the past six years, Dan has a played a pivotal role in our growth and transformation, and his leadership and direction have been invaluable to me and the Company. His efforts made this an easy decision for the Board. I am incredibly proud of how this team has worked together through some difficult periods and have great confidence in their ability to continue to lead the organization in its future success.

"I want to thank Kyle McGraw who, as a co-founder, helped grow our company from roughly 2,000 boe/d to roughly 49,000 boe/d today. Kyle led over 165 acquisitions since our founding and, more importantly, helped solidify our strong company culture. We are all very grateful for Kyle and his efforts while at Legacy.

"I am happy for Dan LeRoy's next chapter as he has worked closely with Bert over the past few years to make Bert's transition to General Counsel a smooth and natural one.

"As for me, I look forward to continuing my service as a Legacy Board member and, along with the other directors, providing guidance and direction where needed."

Dan Westcott said, "Paul has been a tremendous blessing to me, the Legacy family and its stakeholders. We have appreciated his skill, insight and personality and are glad to have his leadership on the Board. We are also happy for he and his family as he soon enters retirement.

"It is an honor to become CEO and I am thankful for the tremendous groundwork upon which we now stand. Kyle Hammond's promotion to President is well-deserved and reflects the greater responsibility his operational role has in the Company's new life. Bert spearheaded our C-Corp transition work this past year and adds valuable capital markets experience with a strategic mindset. Cory's role as CIO is new to Legacy and captures his broader influence in the organization. These individuals have been great assets for the entire Legacy team. I look forward to working with our excellent management team as we continue to grow this company and deliver increasing value to our shareholders."

Legacy has engaged Heidrick and Struggles International, Inc. to conduct a search to fill the Chief Financial Officer position.

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