Eclipse Resources Announces Strategic and Financial Review Initiative
26 Mars 2018 - 10:16PM
Business Wire
Eclipse Resources Corporation (NYSE:ECR) (the “Company” or
“Eclipse Resources”) announced today that its Board of Directors
(the “Board”) has initiated a process to evaluate and consider a
full range of potential strategic, operational and financial
alternatives to maximize shareholder value. Eclipse Resources has
retained Jefferies LLC as its financial advisor and Norton Rose
Fulbright US LLP as its legal counsel to assist with the
process.
Commenting on the announcement, Benjamin W. Hulburt, Chairman,
President and Chief Executive Officer, said, "Our management team
and Board have always been focused on maximizing long-term
shareholder value. We will review all alternatives available to
Eclipse Resources and will take all steps necessary to evaluate our
opportunities and achieve the best strategy for our shareholders,
partners and employees.
“Despite the challenging environment facing our industry over
the last several years, our Company has made significant progress
in increasing the scale of our assets, improving well performance,
decreasing operational costs and increasing asset level returns. We
have developed an industry leading drilling capability that we
believe would benefit greatly from increased scale and
acceleration, while at the same time reducing the company’s general
and administrative costs and interest expense on a per unit of
production basis. We are proud of what we have accomplished and
believe now is an appropriate time to explore alternatives to
continue increasing shareholder value.”
There is no assurance that the review by the Board will result
in a transaction or other strategic alternative. The Board has not
set a timetable for completion of the review process, and Eclipse
Resources does not intend to disclose or comment on developments
related to its review unless and until the Board has otherwise
determined that further disclosure is appropriate or required by
law. The strategic alternatives review process has not been
initiated as a result of receiving any transaction proposal.
About Eclipse Resources
Eclipse Resources is an independent exploration and production
company engaged in the acquisition and development of oil and
natural gas properties in the Appalachian Basin, including the
Utica and Marcellus Shales. For more information, please visit the
Company’s website at www.eclipseresources.com.
Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”) and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). All
statements, other than statements of historical fact included in
this press release, regarding Eclipse Resources’ strategy, future
operations, financial position, prospects, plans and objectives of
management are forward-looking statements. When used in this press
release, the words “plan,” “will,” “would,” “could,” “believe,”
“anticipate,” “intend,” “estimate,” “expect,” “project” and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such
identifying words. These forward-looking statements are based on
Eclipse Resources’ current expectations and assumptions about
future events and are based on currently available information as
to the outcome and timing of future events. When considering
forward-looking statements, you should keep in mind the risk
factors and other cautionary statements described under the heading
“Risk Factors” in Eclipse Resources’ Annual Report on Form 10-K
filed with the Securities Exchange Commission on March 2, 2018 (the
“2017 Annual Report”).
Forward-looking statements may include, but are not limited to,
statements about Eclipse Resources’ business strategy; general
economic conditions; financial strategy, liquidity and capital
required for developing its properties and timing related thereto;
realized prices for natural gas, natural gas liquids and oil and
the volatility of those prices; timing and amount of future
production of natural gas, NGLs and oil; its hedging strategy and
results; future drilling plans; competition and government
regulations, including those related to hydraulic fracturing; the
anticipated benefits under its commercial agreements; marketing of
natural gas, NGLs and oil; leasehold and business acquisitions; the
costs, terms and availability of gathering, processing,
fractionation and other midstream services; credit markets;
uncertainty regarding its future operating results, including
initial production rates and liquid yields in its type curve areas;
and plans, objectives, expectations and intentions contained in
this press release that are not historical, including, without
limitation, the guidance set forth herein.
Eclipse Resources cautions you that all these forward-looking
statements are subject to risks and uncertainties, most of which
are difficult to predict and many of which are beyond the Company’s
control, incident to the exploration for and development,
production, gathering and sale of natural gas, NGLs and oil. These
risks include, but are not limited to, legal and environmental
risks, drilling and other operating risks, regulatory changes,
commodity price volatility and the significant decline of the price
of natural gas, NGLs, and oil from historical highs, inflation,
lack of availability of drilling, production and processing
equipment and services, counterparty credit risk, the uncertainty
inherent in estimating natural gas, NGLs and oil reserves and in
projecting future rates of production, cash flow and access to
capital, risks associated with the Company’s level of indebtedness,
the timing of development expenditures, and the other risks
described under the heading “Risk Factors” in the 2017 Annual
Report.
All forward-looking statements, expressed or implied, included
in this press release are expressly qualified in their entirety by
this cautionary statement. This cautionary statement should also be
considered in connection with any subsequent written or oral
forward-looking statements that Eclipse Resources or persons acting
on the Company’s behalf may issue. Except as otherwise required by
applicable law, Eclipse Resources disclaims any duty to update any
forward-looking statements to reflect events or circumstances after
the date of this press release.
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Eclipse Resources CorporationDouglas Kris, 814-325-2059Investor
Relationsdkris@eclipseresources.com
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