FORT WORTH, Texas, Nov. 27, 2015 /PRNewswire/ -- Energy and Exploration Partners, Inc. ("ENXP" or the "Company") today announced that on the evening of November 25, 2015, certain unsecured creditors filed an involuntary bankruptcy petition in the United States Bankruptcy Court for the Northern District of Texas against one of the Company's operating subsidiaries.
"We are aware of the petition filed by certain of our oilfield service suppliers," said Hunt Pettit, Energy & Exploration Partners' Founder and Chief Executive Officer. "The sharp and protracted period of depressed commodity prices, resulting from OPEC's decisions exactly one year ago has created difficult conditions for the entire industry and we are no exception. We are in the final stages of discussions with our lenders to provide new capital to fund operations and capital investments. We value our long-term business relationships with our suppliers and while we are disappointed by their actions, we intend to respond to the petition filed in due course. Most importantly, we will continue to manage our business and daily production operations without interruption. I look forward to providing an update of our progress."
The filing of the involuntary petition by certain unsecured creditors initiates a process through which the Company and its stakeholders can come to resolution and affords ENXP certain protections under the law from enforcement actions while the Company continues to operate in the ordinary course. Although the petition was filed in bankruptcy court, ENXP is not in bankruptcy and day to day operations continue as normal. Energy & Exploration Partners has 21 days from the time of service to respond to the petition.
About Energy & Exploration Partners
Energy and Exploration Partners, Inc. is an independent exploration and production operator based in Fort Worth, Texas, focused on the acquisition, exploration and development of conventional and unconventional oil and gas resources. Our current operations are focused on the stacked formations in the East Texas Basin. For more information about ENXP, please visit www.enxp.com.
This press release may contain forward-looking statements regarding future events and the Company's future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). All statements other than statements of historical facts included in this press release regarding the Company's financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "possible," "target," "plan," "intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties and important factors (many of which are beyond the Company's control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the amount we may invest, the location, and the scale of the drilling projects in which we intend to participate; our beliefs with respect to the potential value of drilling projects; our beliefs with regard to the impact of environmental and other regulations on our business; our beliefs with respect to the strengths of our business model; our assumptions, beliefs, and expectations with respect to future market conditions; our plans for future capital expenditures; and our capital needs, the adequacy of our capital resources, and potential sources of capital.
The Company has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks, contingencies, and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control. The Company does not assume any obligations to update any of these forward-looking statements.
Phone: (303) 296-8834
Energy & Exploration Partners, Inc.
Phone: (844) 597-1420
SOURCE Energy & Exploration Partners, Inc.