Resolute Energy Corporation (“Resolute” or the “Company”) (NYSE: REN) today announced that it has engaged Petrie Partners, LLC to market for sale its Hilight Field property in the Powder River Basin. The marketing of Hilight Field is consistent with previous announcements made by the Company that it would pursue additional non-core asset sales to reduce leverage and enhance liquidity. An updated investor presentation containing additional information on Hilight Field will be posted on the Company’s website at resoluteenergy.com as information is provided to potential interested parties.
The Company also announced that it received a letter dated June 1, 2015, from the New York Stock Exchange (“NYSE”) informing Resolute that it has regained compliance with the NYSE’s continued listing standards.
The NYSE requires that the average closing price of a listed company’s common stock be above $1.00 per share over 30 consecutive trading-days. The Company was previously notified by letter dated February 3, 2015, that it had fallen out of compliance and was given until August 3, 2015, to regain compliance. The Company was permitted to come back into compliance by demonstrating a $1.00 share price on both the last trading-day of any calendar month and the average share price over the 30 trading days preceding the end of that month. As of May 29, 2015, the closing price of the Company’s common stock on the NYSE was $1.18 and the 30 trading-day average closing price was $1.395 per share. Accordingly, the Company is now in compliance with the $1.00 continued listing criterion.
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Actual results may differ materially from those contained in the forward-looking statements in this press release. Resolute undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. You are encouraged to review Item 1A. – Risk Factors and all other disclosures appearing in the Company’s Form 10-K for the year ended December 31, 2014 and subsequent filings with the Securities and Exchange Commission for further information on risks and uncertainties that could affect the Company’s businesses, financial condition and results of operations. All forward-looking statements are qualified in their entirety by this cautionary statement.
About Resolute Energy Corporation
Resolute is an independent oil and gas company focused on the acquisition, exploration, exploitation and development of oil and gas properties, with a particular emphasis on liquids focused, long-lived onshore U.S. opportunities. Resolute’s producing properties are located in the Paradox Basin in Utah, the Permian Basin in Texas and New Mexico and the Powder River Basin in Wyoming. The Company also owns exploration properties in the Permian Basin of Texas and the Big Horn and Powder River Basins of Wyoming.