Seasoned Energy Executive to Lead Oil and Gas Joint Venture
NEW YORK--(BUSINESS WIRE)--Jan. 28, 2014--
EXCO/HGI GP, LLC (“EXCO/HGI” or the “Joint Venture”), a private oil and
gas joint venture owned by Harbinger Group Inc. (NYSE:HRG) (“HGI”) and
EXCO Resources, Inc. (NYSE:XCO) (“EXCO”), today announced that Mr.
Matthew Grubb has been named Chief Executive Officer and President.
Mr. Grubb will be responsible for providing operational leadership to
the Joint Venture and guiding its growth through continued efficient
production and development of its existing assets. Mr. Grubb will also
be working with HGI and EXCO in executing opportunistic, cash-flow
accretive acquisitions. Mr. Grubb most recently served as President and
Chief Operating Officer for SandRidge Energy, Inc.
Carl Giesler, Jr., Managing Director of Investments at HGI, said, “We’re
very excited to have a seasoned energy executive with Matt’s reputation
and proven operational excellence leading our already strong team. Along
with our partners at EXCO, we are focused on growing the Joint Venture’s
production, cash flow and value both organically and by opportunistic
Harold Hickey, President and Chief Operating Officer of EXCO, added,
“Following the closing of EXCO/HGI in February 2013, and having worked
with HGI in the Joint Venture for a year, we determined it was the right
time to provide the Joint Venture with its own Chief Executive Officer
and President to best manage and oversee its conventional oil and gas
business. We are very pleased that Matt has agreed to join us, and look
forward to working closely with him.”
Commenting on his appointment, Mr. Grubb said, “I am thrilled to be
joining the Joint Venture, which has created a strong platform to
implement a growth strategy and create value. I look forward to working
closely with the rest of the HGI and EXCO team to build upon the Joint
Venture’s success by managing our base business, identifying further
drilling locations to maximize production, and executing future
acquisitions and initiatives to grow our asset base.”
Mr. Grubb has over 25 years of experience in the oil and gas industry in
a number of senior positions. While Chief Operating Officer at SandRidge
from 2007 to 2010, and President and COO from 2011 through March 2013,
Mr. Grubb was responsible for all operations as well as helping set and
execute corporate strategy. He was a key member in leading the company’s
IPO, as well as the IPOs of SandRidge’s three royalty trusts. His oil
and gas operating expertise and experience in corporate finance and
mergers and acquisitions helped SandRidge substantially grow its organic
production base and successfully execute and integrate approximately $5
billion in acquisitions.
Before joining SandRidge in 2006, Mr. Grubb worked for Samson Resources
Company from 1995 to 2006, where he oversaw operations in many of the
same areas in which the Joint Venture operates. He has also served in
engineering roles at Enogex Pipeline and Conoco Oil Company. Mr. Grubb
earned both a Bachelor of Science degree in Petroleum Engineering and a
Master of Science degree in Mechanical Engineering from Texas A&M
About EXCO/HGI GP, LLC
EXCO/HGI GP, LLC is a private oil and natural gas joint venture
established by HGI and EXCO in February 2013. The Joint Venture owns
predominantly long-lived, low-decline rate, low geologic-risk
conventional oil and gas assets in the Permian Basin in West Texas as
well as in the Cotton Valley and other shallow formations in East Texas
and North Louisiana. The Joint Venture’s strategy is to operate its
existing assets in an efficient manner and to acquire opportunistically
similar assets on a cash-flow accretive basis.
About Harbinger Group Inc.
Harbinger Group Inc. (“HGI”; NYSE:HRG) is a diversified holding company.
HGI’s principal operations are conducted through companies that: offer
life insurance and annuity products; branded consumer products (such as
consumer batteries, residential locksets, residential builders’
hardware, faucets, shaving and grooming products, personal care
products, small household appliances, specialty pet supplies, lawn,
garden and home pest control products, personal insect repellents);
provide asset-backed loans; and own and operate energy assets. HGI is
principally focused on acquiring controlling and other equity stakes in
businesses across a diversified range of industries and growing its
existing businesses. In addition to HGI’s intention to acquire
controlling equity interests, HGI may also from time to time make
investments in debt instruments and acquire minority equity interests in
companies. HGI is headquartered in New York and traded on the New York
Stock Exchange under the symbol HRG.
About EXCO Resources, Inc.
EXCO Resources, Inc. is an oil and natural gas exploration,
exploitation, development and production company headquartered in
Dallas, Texas with principal operations in Texas, North Louisiana and
Forward Looking Statements:
“Safe Harbor” Statement Under the Private Securities Litigation Reform
Act of 1995: This document contains forward-looking statements that are
subject to risks and uncertainties that could cause actual results,
events and developments to differ materially from those set forth in or
implied by such statements. These statements are based on current
beliefs and assumptions. Generally, forward-looking statements include
information concerning possible or assumed future distributions from
subsidiaries, other actions, events, results, strategies and
expectations and are generally identifiable by use of the words
“believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,”
“estimates,” “projects,” “may,” “will” “could,” “might,” or “continues”
or similar expressions.
Source: Harbinger Group Inc.
Sard Verbinnen & Co