ATLANTA, July 10, 2014 (GLOBE NEWSWIRE) -- Legend Oil and Gas, Ltd. (Other OTC:LOGL) is pleased to announce the appointment of Andrew Reckles as its Chief Restructuring Officer and Warren S. Binderman, CPA, as its Executive Vice President, Chief Financial Officer, and Principal Accounting Officer.
A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=26432
Mr. Reckles is the managing partner and founder of Northpoint Energy Partners, LLC ("Northpoint") and Mr. Binderman is the managing director and founder of Binderman Group, LLC.
Mr. Reckles, 44, has vast experience in sales brokerage and principal and general partnerships of major private equity funds to Managing Principal of his own private equity practice. In 2010, Mr. Reckles founded Northpoint (fka, C4 Capital) which provides financing solutions and advisory services to oil and gas companies. Previously, he has been personally responsible for structuring and/or funding more than 150 domestic and international transactions totaling in excess of $500 million in closed deals.
Mr. Reckles has both executive experience acting as CEO, President, and/or Chief Restructuring Officer as well as held board positions at numerous companies across multiple industries over his career.
He attended Arizona State University and is a Certified Lean Six Sigma Green Belt holder as well as a Chartered Hedge Fund Professional ("CHP"). Andy maintains FINRA licenses 7, 24, and 63.
Mr. Binderman, 50, has over 25 years accounting, finance and business experience. He has worked for National firms (Big 4 and Top 20) as both an auditor and transaction services/due diligence Director and audit Partner. He has served several entities as their CFO and Principal Accounting Officer.
He graduated with a B.S. in Business and Management, concentrating in accounting, from the University of Maryland, magna cum laude, in 1990, and is currently a practicing CPA.
"Warren has deep strength in technical accounting and finance, as well as audit methodologies. His strength in developing, enhancing and remediating our Company's system of internal control over financial reporting, segregation of duties and budget control will raise our level of corporate competencies," states Marshall Diamond-Goldberg, Legend's CEO.
Andrew Reckles, Chief Restructuring Officer, indicated that the "revised strategic initiatives the Company now has in place due to the Hillair capital infusion require a level of corporate responsibility and competence the Company has not had to deal with previously." Reckles noted that "we are attempting to build a world-class team of professionals at Legend due to the transaction complexities, the significant level of new wells being drilled, as well as other complex transactions we plan to consummate. Warren is the ideal executive and teammate to maintain the appropriate accounting and controls for Legend, so that Marshall and myself can principally focus on the growing operational side of the business."
Both Reckles and Diamond-Goldberg are excited about the action plan going forward, and "welcome Warren to our team. We are both excited about the near and long-term prospects of the Company," said Reckles.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated production. Actual results could differ from those projected in any forward-looking statements due to numerous factors including, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.
The photo is also available via AP PhotoExpress.
