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 acquisitions.”
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.”