DENVER, Jan. 26, 2018 (GLOBE NEWSWIRE) — Resolute Energy Corporation (“Resolute” or the “Company”) (NYSE:REN) today issued the following statement in response to the public filing of a Schedule 13D and the issuance of a letter to the Board of Directors of Resolute by Monarch Alternative Capital LP:
Resolute welcomes open communications with its stockholders and considers input that may advance the Company’s goal of enhancing value. While it is the Company’s policy not to comment on specific discussions with stockholders, it is important to note that members of Resolute’s senior management team have held multiple discussions with Monarch to better understand its views.
While we expect communications with Monarch may continue, the Company is focused on executing its proven strategy to enhance value for all Resolute stockholders. With the completion of the 2017 Bronco acquisition, the recent closing of the sale of Resolute’s Aneth Field properties, and the success of our 2017 drilling program, we have completed our strategic transformation to a growing Delaware Basin pure play producer.
As we move forward, we intend to concentrate on accelerating our development program, generating strong production and cash flow growth, reducing our cost structure and delivering among the best returns on capital in the Permian Basin, all while strengthening our balance sheet. The Resolute Board and management team are confident that we are well positioned to create significant value for stockholders.
The statements in this press release relating to our development program, production growth, cash flows, cost structure, returns on capital and balance sheet strength are “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. 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. 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 and development of unconventional oil and gas properties in the Delaware Basin portion of the Permian Basin of west Texas. For more information, visit www.resoluteenergy.com. The Company’s common stock is traded on the NYSE under the ticker symbol “REN.”
Vice President – Investor Relations
Resolute Energy Corporation
303-534-4600, extension 1555
Andrew Siegel or Joseph Sala
Joele Frank, Wilkinson Brimmer Katcher