80 E. Sir Francis Drake Blvd., Suite 2-C
Larkspur, CA 94939
NEW YORK STOCK EXCHANGE
Resolute Energy Corporation Announces Closing of Sale of Gardendale Assets in the Midland Basin
DENVER, CO--(Marketwired - Dec 22, 2015) - Resolute Energy Corporation ("Resolute" or the "Company") (NYSE: REN) announced today that it has closed the sale of its Gardendale assets in the Midland Basin of West Texas to a private party for a purchase price of $177.5 million. The transaction has an effective date of September 1, 2015.
The net proceeds of the sale will be used to repay $95 million under the Company's revolving credit facility, representing all amounts currently outstanding under that facility, although the facility will remain in place. In connection with the sale, the borrowing base under the Company's revolving credit facility has been reduced by $20 million to $145 million. The remainder of the net proceeds of the sale will be used in a combination of cash held on the Company's balance sheet and repayment of a portion of the amounts outstanding under the Company's second lien term loan.
Petrie Partners, LLC and BMO Capital Markets acted as financial advisors to Resolute on the Gardendale asset sale transaction.
Resolute was founded as a private company in 2004 to acquire and operate large-scale oil and gas properties, with particular focus on oil. Resolute’s broad range of expertise allows it to manage a complex enterprise and to undertake complex transactions. Management’s exceptional track record of financial and operational success, combined with its deep ties to virtually all elements of the oil and gas community, allow Resolute to succeed in this current environment.
Resolute has undertaken significant acquisitions of producing properties and undeveloped acreage that support drilling opportunities. The first two acquisitions, in 2004 and 2006, were its Aneth Field properties, located in the Paradox Basin of southeastern Utah. Resolute's Aneth Field properties consist of working interests in three federal producing units: Aneth, McElmo Creek and Ratherford. With Resolute's acquisition of all three units, the field is under common ownership and management for the first time. Most of Aneth Field lies on Navajo Nation land. The company’s third transaction was its acquisition of the majority of the working interest and operatorship of Hilight Field in the Powder River Basin of northeastern Wyoming. In 2010 and 2011, Resolute moved into the Bakken trend and Permian Basin respectively.
In the Permian Basin, Resolute acquired producing properties and undeveloped acreage in three private transactions. As of September 30, 2015, Resolute had drilled 61 gross (51.5 net) operated wells and was producing approximately 4,644 barrels of oil equivalent per day in the Permian Basin. In addition, Resolute owns 31,700 net acres in the Big Horn Basin, in which its primary focus is the Mowry oil shale.
Photo Gallery http://resoluteenergy.com/gallery-aneth.html
Resolute's Senior Managers and Directors are listed below.
Nicholas J. Sutton
Chairman, Chief Executive Officer
James M. Piccone
President and Director
Richard F. Betz
Executive Vice President and Chief Operating Officer
Executive Vice President and Chief Financial Officer
Michael N. Stefanoudakis
Senior Vice President, General Counsel and Secretary
Bob D. Brady, Jr.
Senior Vice President, Operations
James A. Tuell
Senior Vice President and Chief Accounting Officer
James E. Duffy
Lead Independent Director; Co-founder and Chairman of ReadyMax, Inc.
Thomas O. Hicks, Jr.
Director; Vice President of Hicks Holdings LLC
Gary L. Hultquist
Director; Managing Director of Viant Capital, LLC
William K. White
Director; Founder of Amado Energy, LP
Continental Stock Transfer & Trust Company
17 Battery Place, 8th Floor, New York, NY 10004
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PRESS RELEASES AND EVENTS
|Dec 4, 2015 ||Resolute Energy Corporation Receives Continued Listing Standard Notice From NYSE ||133 KB |
|Nov 23, 2015 ||Resolute Energy Corporation Announces Agreement For Sale Of Gardendale Assets In The Midland Basin ||28 KB |
|Nov 9, 2015 ||Resolute Energy Corporation Announces Results For The Quarter Ended September 30, 2015 ||505 KB |
|Oct 27, 2015 ||Resolute Energy Corporation To Announce Results For The Third Quarter Ended September 30, 2015, On Monday, November 9, 2015, And Hold Investor Conference Call On Tuesday, November 10 at 4:30pm EST ||12 KB |
|Oct 8, 2015 ||Resolute Energy Corporation Announces Closing Of Powder River Basin Sale And Redetermination Of Its Borrowing Base ||24 KB |
|Sep 29, 2015 ||Resolute Energy Corporation Announces Limited Marketing Process For Gardendale Property In Permian Basin ||32 KB |
|Sep 16, 2015 ||Resolute Energy Corporation Announces Agreement For Sale Of Hilight Field Assets In Powder River Basin ||215 KB |
|Aug 10, 2015 ||Resolute Energy Corporation Announces Results For The Quarter Ended June 30, 2015 ||504 KB |
|Jul 28, 2015 ||Resolute Energy Corporation to Announce Results for the Second Quarter Ended June 30, 2015, on Monday, August 10, 2015, and Hold Investor Conference Call on Tuesday, August 11 at 4:30 pm EDT; Receives Continued Listing Standard Notice from NYSE; and Announces Participation in Upcoming Investor Conference ||93 KB |
|Jun 8, 2015 ||Resolute Energy Corporation Announces Engagement Of Petrie Partners To Market Powder River Basin Properties; Announces That It Has Regained Compliance With NYSE Listing Standards ||24 KB |
|May 11, 2015 ||Resolute Energy Corporation Announces Results For The First Quarter Ended March 31, 2015 ||411 KB |
|May 8, 2015 ||Resolute Energy Corporation to Announce Results for the First Quarter Ended March 31, 2015 and Hold Investor Conference Call on Tuesday, May 12 at 4:30 pm EDT ||79 KB |
|Mar 30, 2015 ||Resolute Energy Corporation Announces Agreement for Sale of Non-Core Assets and Changes to Board of Directors ||216 KB |
|Mar 5, 2015 ||Resolute Energy Corporation Announces Results for the Quarter and Full Year Ended December 31, 2014 ||347 KB |