| FOR IMMEDIATE RELEASE
American Energy - Permian Basin, LLC Formalizes Name Change to Permian Resources, LLC and Finalizes Transition to a Standalone Company with Key Executive Appointments
OKLAHOMA CITY, March 23, 2016 /PRNewswire/ -- American Energy – Permian Basin, LLC and its parent, American Energy Permian Holdings, LLC, today announced the renaming of the companies to Permian Resources, LLC and Permian Resources Holdings, LLC, respectively, consistent with previously announced plans to transition to a standalone company, fully independent of the broader American Energy Partners, LP (AELP) platform. The name changes, after several months of vetting, are effective immediately. Further, following a detailed planning process over the past six months, the platform separation and transition has been formalized, is well under way, and is expected to be brought to conclusion during the ensuing three months. On February 26, 2016, and as part of the formalization of the separation, the Board of Directors appointed Jeffrey L. Mobley as Interim Chief Executive Officer, in addition to his role as Chief Financial Officer, and promoted J. Jay Stratton, Jr. to Chief Operating Officer from his previous role as Vice President of Operations.
Jeffrey L. Mobley commented, "After a detailed and thorough planning process spanning six months, we are pleased to announce the anticipated transition of Permian Resources to a separate, standalone-company. This separation has been a key objective of our business since the company was founded in 2014 and we look forward to finalizing this initiative in the coming months as Permian Resources has matured into a stand-alone company. We appreciate the strong support and guidance that we have received from our private equity sponsors which, includes The Energy & Minerals Group and others. Further, this transition was the stated vision of our founder, Aubrey K. McClendon, and we appreciate the assistance the AELP platform has provided since our initial formation two years ago. Under the guidance of the current management team, Permian Resources has established itself as a premier operator in the Midland Basin of West Texas."
Additionally, the Company has scheduled the release of its 2015 fourth quarter and full year financial and operational results to qualified institutional buyers (QIBs) on Wednesday, March 30, 2016, after market close, and has scheduled a conference call for QIBs on Thursday, March 31, 2016 at 11:00 a.m. EDT. The conference call information will be included in the earnings release that will be provided to QIBs and posted to the company's private virtual data room.
About Permian Resources, LLC:
Permian Resources, LLC, formerly American Energy – Permian Basin, LLC, is an independent oil and natural gas company focused on the acquisition, development and production of unconventional oil and natural gas reserves in the Wolfcamp Shale play in the central Midland Basin within the Permian Basin of West Texas.
SOURCE Permian Resources, LLC