Seventy Seven Energy Inc. to Explore and Identify Capital Structure Opportunities
Seventy Seven Energy Inc. (NYSE: SSE) announced today that it has
retained the services of Lazard Freres & Co. LLC to advise the Company’s
management and board of directors on identifying opportunities in its
capital structure to improve value and enhance strategic growth
opportunities.
Chief Executive Officer Jerry Winchester said, “Our operations continue
to perform at a high level delivering much needed efficiency for our
customers. Working with Lazard, we believe we can unlock meaningful
value by addressing opportunities with respect to our balance sheet by
reducing the level of our debt and further enhancing our liquidity. This
will put us in a stronger position to take advantage of our operational
strengths and grow our business.”
The Company does not anticipate making additional announcements
concerning the process unless and until the Company otherwise determines
that disclosures are necessary or appropriate.
About Seventy Seven Energy Inc.
Headquartered in Oklahoma City, SSE provides a wide range of wellsite
services and equipment to U.S. land-based exploration and production
customers. SSE’s services include drilling, hydraulic fracturing and
oilfield rentals and its operations are geographically diversified
across many of the most active oil and natural gas plays in the onshore
U.S., including the Anadarko and Permian basins and the Eagle Ford,
Haynesville, Marcellus, Niobrara and Utica shales. For additional
information about SSE, please visit our website at www.77nrg.com,
where we routinely post announcements, updates, events, investor
information and presentations and recent news releases.
This news release contains certain statements and
information that may constitute “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical facts that address
activities, events or developments that we expect, believe or anticipate
will or may occur in the future are forward-looking statements. The
words “believe,” “ensure,” “will” and similar expressions, and the
negative thereof, are intended to identify forward-looking statements.
Without limiting the generality of the foregoing, forward-looking
statements contained in this press release specifically include
statements, estimates and projections regarding our business outlook and
plans, including with respect to our capital structure, corporate
valuation, future financial position and capital resources, operations,
performance and growth. Forward-looking statements are not assurances of
future performance. These forward-looking statements are based on
management’s current expectations and beliefs, forecasts for our
existing operations, experience, and perception of historical trends,
current conditions, anticipated future developments and their effect on
us, and other factors believed to be appropriate. Although management
believes that the expectations and assumptions reflected in these
forward-looking statements are reasonable as and when made, no assurance
can be given that these assumptions are accurate or that any of these
expectations will be achieved (in full or at all). Moreover, our
forward-looking statements are subject to significant risks and
uncertainties, many of which are beyond our control, which may cause
actual results to differ materially from our historical experience and
our present expectations or projections which are implied or expressed
by the forward-looking statements. Important factors that could cause
actual results to differ materially from those in the forward-looking
statements include, but are not limited to, risks relating to economic
conditions; volatility of crude oil and natural gas commodity prices;
delays in or failure of delivery of current or future orders of
specialized equipment; the loss of or interruption in operations of one
or more key suppliers or customers; oil and gas market conditions; the
effects of government regulation, permitting and other legal
requirements, including new legislation or regulation of hydraulic
fracturing; operating risks; the adequacy of our capital resources and
liquidity; weather; litigation; competition in the oil and natural gas
industry; and costs and availability of resources.
For additional information regarding known material factors that could
cause our actual results to differ from our present expectations and
projected results, please see our filings with the U.S. Securities and
Exchange Commission (“SEC”), including our Current Reports on Form 8-K
that we file from time to time, Quarterly Reports on Form 10-Q, and our
2014 Annual Report on Form 10-K filed with the SEC on March 2, 2015.
Readers are cautioned not to place undue reliance on any forward-looking
statement which speaks only as of the date on which such statement is
made. We undertake no obligation to correct, revise or update any
forward-looking statement after the date such statement is made, whether
as a result of new information, future events or otherwise, except as
required by applicable law.
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