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James Bennett, Chief Executive Officer and President commented, "Given our strategic goal of improving capital efficiency in our project portfolio to counter ongoing commodity price weakness, we have actively explored opportunities to enhance the financial strength of the Company. We are very pleased to announce the pricing of our Second Lien Notes offering and the revision of our revolving bank credit facility, which we believe will provide us the flexibility and liquidity that lets us continue to develop and produce our attractive asset base and create shareholder value. We have also recently exchanged $50 million principal of our unsecured senior notes for common equity at a material discount to the face value of the debt, and will continue to pursue other deleveraging transactions."
"We continue to target improvements in our operational efficiencies, with the goal of further driving down costs, increasing the use of multilateral drilling and assessing our Chester acreage. Additionally, our cost reduction efforts are moving forward rapidly. Current well costs are significantly lower than costs incurred in 2014 and we continue to expect to achieve our 2015 cost reduction goal in the second half of the year," continued Bennett. "These operational efficiencies are intended to ensure that the cash generating abilities of our assets continue to grow, and with the new funding transaction, provide the flexibility to expand activity on our higher-returning projects in our Mid-Continent development program, and continue long term value creation for shareholders."
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