STATE COLLEGE, Pa.–(BUSINESS WIRE)–Eclipse Resources Corporation (NYSE:ECR) (the “Company” or “Eclipse Resources”) announced today that its Board of Directors (the “Board”) has initiated a process to evaluate and consider a full range of potential strategic, operational and financial alternatives to maximize shareholder value. Eclipse Resources has retained Jefferies LLC as its financial advisor and Norton Rose Fulbright US LLP as its legal counsel to assist with the process.
Commenting on the announcement, Benjamin W. Hulburt, Chairman, President and Chief Executive Officer, said, “Our management team and Board have always been focused on maximizing long-term shareholder value. We will review all alternatives available to Eclipse Resources and will take all steps necessary to evaluate our opportunities and achieve the best strategy for our shareholders, partners and employees.
“Despite the challenging environment facing our industry over the last several years, our Company has made significant progress in increasing the scale of our assets, improving well performance, decreasing operational costs and increasing asset level returns. We have developed an industry leading drilling capability that we believe would benefit greatly from increased scale and acceleration, while at the same time reducing the company’s general and administrative costs and interest expense on a per unit of production basis. We are proud of what we have accomplished and believe now is an appropriate time to explore alternatives to continue increasing shareholder value.”
There is no assurance that the review by the Board will result in a transaction or other strategic alternative. The Board has not set a timetable for completion of the review process, and Eclipse Resources does not intend to disclose or comment on developments related to its review unless and until the Board has otherwise determined that further disclosure is appropriate or required by law. The strategic alternatives review process has not been initiated as a result of receiving any transaction proposal.
About Eclipse Resources
Eclipse Resources is an independent exploration and production company engaged in the acquisition and development of oil and natural gas properties in the Appalachian Basin, including the Utica and Marcellus Shales. For more information, please visit the Company’s website at www.eclipseresources.com.