CALGARY, Jan. 17, 2019 /CNW/ – Jupiter Resources Ltd. and its affiliates (collectively, “Jupiter” or the “Company”) announced today that its newly appointed Board of Directors has approved a $190 – 210 million capital program for 2019 weighted approximately two-thirds to the second half of the year. The 2019 program balances the importance of achieving profitable returns and preserving both liquidity and long-term flexibility. New capital investment is focused on Jupiter’s liquids-rich natural gas properties in Resthaven and Kakwa as well as some allocation to infrastructure that will support the longer-term development of Jupiter’s Wolf Creek asset.
Recapitalization Transaction Completed
Jupiter completed the Recapitalization Transaction as planned, effective December 19th, 2018. As a result, Jupiter’s total leverage is now less than 1.5x 2018 trailing EBITDA.
“I want to convey my gratitude to all of you that invested in Jupiter, and particularly those of you who have stayed with us over the years and supported our team and this transaction. We do not take your support for granted and appreciate the faith you have placed in us and our business. We will continue to work hard to generate the best results for Jupiter and all its stakeholders”, stated Jupiter’s CEO, Simon Bregazzi.
“We intend to pursue a more dynamic business strategy going forward and with the completion of this transaction we begin the next chapter from a position of strength with a healthy balance sheet. We will continue to be champions of the Canadian natural gas sector, which is an important supplier to North America’s energy needs”, added Simon.
Board of Directors
In addition, Jupiter announced that the following people have accepted positions on Jupiter’s board of directors: Rakesh Wilson (Chairman), Wilson B. Handler, Robert A. Pearce, Eugene I. Davis and Simon Bregazzi.
Rakesh is a Senior Partner at Apollo Private Equity and is focused on the firm’s natural resources activities. Prior to joining Apollo, he was with Morgan Stanley’s Commodities Department in the principal investing group responsible for generating, evaluating and executing investment ideas across the energy sector. Rakesh began his career at Goldman Sachs in equity research and then moved to its investment banking division in New York and Asia. He currently serves on the boards of directors of CSV Midstream Solutions, EP Energy and Express Energy Services.
Wilson is a Principal of Apollo Private Equity and joined the firm in 2011. Prior to that, Wilson was an investment professional at First Reserve, where he was involved in the execution and monitoring of investments in the energy sector. Previously, he worked in the Investment Banking Division at Lehman Brothers in the Natural Resources group. Currently, Wilson serves on the boards of directors of EP Energy, Resource Energy, American Petroleum Partners and CSV Midstream Solutions.
Robert (Rob) has over 25 years of technical and business experience in the energy industry through his former roles as CFO of Sunshine Oilsands and E-T Energy, the COO of Harvest Operations (owned by Korea National Oil Corporation), CEO and co-founder of North West Upgrading, and Treasurer of PanCanadian Energy. Rob has been an independent director of ATB Financial since 2014 and is the Chair of Prospect Human Services.
Eugene (Gene) has been the Chairman and CEO of Pirinate Consulting Group, LLC since 1999, a privately-held consulting firm. Prior to founding Pirinate Consulting, Gene served as Chief Operating Officer of Total-Tel Communications, Inc., Vice Chairman and CEO of Sport Supply Group, Inc. and Vice Chairman and President of Emerson Radio Corporation (all public companies). Gene is a Member of the Board of Visitors at Columbia College.
Simon Bregazzi has been Jupiter’s CEO since he co-founded the company in 2014. From 2009 until January 2014, Simon was the Chief Financial Officer of Canbriam Energy. Prior to that, he was Managing Director and Head of Canadian Energy Investment Banking at Goldman Sachs from 2005 to 2009.
Jupiter’s 2019 corporate guidance document and an updated corporate presentation have been posted to the Company website.
Jupiter is an independent Calgary-based energy company with an operations office in Grande Cache, Alberta. The Company is focused on the acquisition, development and production of unconventional liquids-rich natural gas properties in the Western Canadian Sedimentary Basin. For more information visit: www.jupiterresources.com.