Lilis Energy Inc., an exploration and production company operating in the Permian Basin of West Texas and Southeastern New Mexico, said March 13 that David M. Wood has resigned as Chairman of the Board and a director of the company.

The resignation of Wood was for personal reasons and not because of a disagreement with the company, its directors or any of its stockholders, Lilis said in a statement.

The board of directors of the company today appointed current director Michael G. Long as Chairman of the Board.

“On behalf of the entire Lilis board and the company, I want to thank Dave Wood for his leadership, insight and hard work on the Lilis board through very tumultuous times. While Dave will be sorely missed, I am confident our remaining eight board members will continue to serve Lilis and its shareholders well by bringing a wide variety of talents to the boardroom with the ability to devote significant time and efforts to the challenges facing the company,” Long said.

The Board of Directors also appointed Long as chairman of the special committee of the Board of Directors previously appointed to review and evaluate strategic alternatives for the company, including the previously announced non-binding offer of Värde Partners Inc.