HighPoint Resources Comments on Trading Activity
25 Mars 2021 - 12:06AM
HighPoint Resources Corporation (NYSE: HPR) (the "Company" or
"HighPoint") at the request of the New York Stock Exchange reports
that it is not aware of any material, undisclosed corporate
developments to account for the trading activity in HighPoint’s
stock on March 24, 2021.
The Company’s planned merger with Bonanza Creek
Energy, Inc. (“Bonanza Creek”) remains on track to be consummated
pursuant to the previously announced prepackaged plan of
reorganization, which implements the merger and restructuring
transactions as set forth in the Agreement and Plan of Merger,
dated as of November 9, 2020, by and among Bonanza Creek Energy,
Inc. (“Bonanza Creek”), HighPoint and Boron Merger Sub, Inc. (the
“Merger Agreement”), and the Transaction Support Agreement, dated
as of November 9, 2020, by and among HighPoint, HighPoint Operating
Corporation, Fifth Pocket Production, LLC, certain consenting
holders of HighPoint Operating Corporation’s 7.0% Senior Notes due
October 15, 2022 and 8.75% Senior Notes due June 15, 2025, and
certain consenting HighPoint stockholders. Based on the
number of shares of Bonanza Creek common stock outstanding as of
the date of the Merger Agreement, the transaction implies an
exchange ratio of 0.114 shares of Bonanza Creek common stock for
each share of HighPoint common stock.
About HighPoint Resources
Corporation
HighPoint Resources Corporation (NYSE: HPR) is a
Denver, Colorado based company focused on the development of oil
and natural gas assets located in the Denver-Julesburg Basin of
Colorado. Additional information about HighPoint may be found on
its website at www.hpres.com.
Forward-Looking Statements and
Cautionary Statements
Certain statements in this document concerning
the transaction, including any statements regarding the expected
timetable for completing the transaction, the results, effects,
benefits and synergies of the transaction, future opportunities for
the combined company, future financial performance and condition,
guidance and any other statements regarding HighPoint’s future
expectations, beliefs, plans, objectives, financial conditions,
assumptions or future events or performance that are not historical
facts are “forward-looking” statements based on assumptions
currently believed to be valid. The forward-looking statements are
intended to be subject to the safe harbor provided by Section 27A
of the Securities Act of 1933, Section 21E of the Securities
Exchange Act of 1934 and the Private Securities Litigation Reform
Act of 1995.
These forward-looking statements involve
significant risks and uncertainties that could cause actual results
to differ materially from those anticipated, including, but not
limited to, the risk that a condition to closing of the transaction
may not be satisfied, that either party may terminate the Merger
Agreement or that the closing of the transaction might be delayed
or not occur at all; potential adverse reactions or changes to
business or employee relationships, including those resulting from
the announcement or completion of the transaction; the diversion of
management time on transaction-related issues; the ultimate timing,
outcome and results of integrating the operations of Bonanza Creek
and HighPoint; the effects of the business combination of Bonanza
Creek and HighPoint, including the combined company’s future
financial condition, results of operations, strategy and plans; the
ability of the combined company to realize anticipated synergies in
the timeframe expected or at all; changes in capital markets and
the ability of the combined company to finance operations in the
manner expected; regulatory approval of the transaction; the
effects of commodity prices; the risks and unpredictability
inherent in the bankruptcy process; and the fact that operating
costs and business disruption may be greater than expected
following the public announcement or consummation of the
transaction. Expectations regarding business outlook of the
combined company, including changes in revenue, pricing, capital
expenditures, cash flow generation, strategies for our operations,
oil and natural gas market conditions, legal, economic and
regulatory conditions, and environmental matters are only forecasts
regarding these matters.
All forward-looking statements speak only as of
the date they are made and are based on information available at
that time. HighPoint does not assume any obligation to update
forward-looking statements to reflect circumstances or events that
occur after the date the forward-looking statements were made or to
reflect the occurrence of unanticipated events except as required
by federal securities laws. As forward-looking statements involve
significant risks and uncertainties, caution should be exercised
against placing undue reliance on such statements.
For further information, please contact:
Larry C. Busnardo Vice President, Investor Relations
303-312-8514 lbusnardo@hpres.com
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