AUSTIN, Texas, Nov. 27, 2017 (GLOBE NEWSWIRE) — Jones Energy, Inc. (NYSE:JONE) (“Jones Energy” or the “Company”) announced today that the Company is exploring strategic alternatives as well as opportunities to strengthen its balance sheet and is working with financial advisors in this process.
“Earlier today we announced modifications to our credit facility which will provide for the continued development of our Merge assets in 2018,” said Jonny Jones, Chairman and Chief Executive Officer. “These modifications were an important step. However, we believe it is prudent to explore additional opportunities to strengthen our balance sheet, secure additional capital, and improve the Company’s financial flexibility.”
Jones Energy is working with Credit Suisse to evaluate strategic and financial alternatives and to assist the Company in determining the most appropriate course to deliver shareholder value. In addition, Tudor, Pickering, Holt & Co. is working with Jones Energy to evaluate potential drilling joint ventures, or “DrillCo” alternatives, which will enable the continued development of its Western Anadarko properties. The Company has received interest from potential investors in this structure and is working to develop final proposals.
With respect to its ongoing process, Jones Energy said that no assurance can be given as to the outcome of the process. The Company does not intend to announce results of the Board’s evaluation unless it determines such disclosures to be necessary or appropriate.
About Jones Energy
Jones Energy, Inc. is an independent oil and natural gas company engaged in the development and acquisition of oil and natural gas properties in the Anadarko basin of Texas and Oklahoma. Additional information about Jones Energy may be found on the Company’s website at: www.jonesenergy.com.