Resaca Exploitation Inc Corporate Update (7218A)
25 3월 2013 - 4:00PM
UK Regulatory
TIDMRSOX
RNS Number : 7218A
Resaca Exploitation Inc
25 March 2013
FOR IMMEDIATE RELEASE 25 MARCH 2013
Resaca Exploitation, Inc.
("Resaca" or "the Company")
Corporate Update
Resaca (AIM:RSOX), the oil and natural gas production,
exploitation, and development company focused on the Permian Basin
in the USA, announces an update on certain corporate matters.
Further to the announcement on 7 March 2013, Resaca has been
informed that ERG Resources, L.L.C. ("ERG") has withdrawn its offer
for the purchase of the Company's ownership interests in the Cooper
Jal Unit, Langlie Jal Unit, Jordan San Andres Unit, Edwards
Grayburg Unit; the Kermit, McElroy and Kayser properties; and the
Odessa office complex. The Company has notified its senior and
subordinated lenders of the withdrawal by ERG and continues to have
discussions concerning a path forward for reducing indebtedness.
The Company has not received any notice of any enforcement action
from its lenders at this time. The Company is pursuing other
options with respect to disposing of assets and will provide a
further update when more information is available.
For further information please contact:
Resaca Exploitation, Inc.
J.P. Bryan, Chairman and Chief Executive
Officer +1 713-753-1300
John J. ("Jay") Lendrum, III, Vice Chairman +1 713-753-1400
Dennis Hammond, President and Chief
Operating Officer +1 713-753-1281
David Love, Vice President and Treasurer +1 713-756-1755
Buchanan (Investor Relations) +44 (0)20 7466 5000
Tim Thompson
Ben Romney
finnCap Limited (Nomad and Broker) + 44 (0) 20 7220 0500
Matt Goode, Corporate Finance
Christopher Raggett, Corporate Finance
Victoria Bates, Corporate Broking
About Resaca
Resaca is an independent oil and gas development and production
company based in Houston, Texas. Resaca is focused on the
acquisition and exploitation of long-life oil and gas properties,
utilizing a variety of primary, secondary and tertiary recovery
techniques. Resaca's current properties are located in the Permian
Basin of West Texas and Southeast New Mexico. Additional
information is available at www.resacaexploitation.com.
In accordance with the AIM Rules, the information in this
announcement has been reviewed and approved by Dennis Hammond,
President. Mr. Hammond has a Bachelor of Science degree in
Petroleum Engineering, is a registered professional engineer in the
State of Texas, and has over 30 years relevant experience within
the sector.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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