Denver, CO, Dec. 02, 2020 (GLOBE NEWSWIRE) -- FourPoint Energy, LLC (“FourPoint or the “Company”) announced today the Company and its Western Anadarko Basin Assets have been renamed Unbridled Resources, LLC (“Unbridled”) and merged with a subsidiary of Maverick Natural Resources (“Maverick”).
Over the course of several months, FourPoint has been in negotiations with its key stakeholders to reduce its debt and restructure its balance sheet. Those efforts culminated in a consensual restructuring between the Company and its debt holders earlier this summer. As a result of the restructuring, EIG Global Energy Partners (“EIG”), the previous holder of FourPoint’s Senior Secured Notes exchanged their Senior Secured Notes for a majority equity ownership stake in the Company. In November, as the controlling equity owner in FourPoint, EIG made the decision with approval from the newly appointed FourPoint Board of Managers and Maverick Board of Directors, to rename the Company as Unbridled and merge with a subsidiary of Maverick. All past and future liabilities and commitments associated with the Company will reside with Maverick. The team at FourPoint will be working through year-end 2020 to transition the assets.
Following the transition, the core management team and key members of the FourPoint organization plan to launch their next venture while continuing to manage the assets of LongPoint Minerals, LongPoint Minerals II, and executing responsibilities relative to the master service agreement it retains with FourPoint Permian, LLC in relation to its Permian Basin joint venture, DoublePoint Energy. FourPoint Energy will be retaining its company name and existing office headquarters in Denver, CO.
The management team at FourPoint is resolute on the future potential in the oil and natural gas industry and looks forward to identifying and exploring new opportunities. George Solich, President and CEO of FourPoint said, “We are taking our core team of top oil and gas professionals we assembled in the FourPoint franchise to prioritize building value in our two mineral companies, LongPoint Minerals and LongPoint Minerals II. We continue to see the mineral space as a durable and sustainable sector of long-term value and near-term yield generation. Beyond the mineral space, the FourPoint team intends to put its considerable talents to work in the management and acquisition of producing assets along with the exploration and development of undeveloped resources. Our goal will be to deliver shareholder value through an opportunistic approach of low cost, safe and environmentally responsible operations and state of the art technical drilling and completion framework derived from over two decades of horizontal drilling activity.”
Forward-Looking Statements
This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements are based upon FourPoint Energy's current expectations that involve a number of risks and uncertainties. Generally, forward-looking statements do not relate strictly to historical or current facts and may include words such as “believes,” “will,” “expects,” “anticipates,” “intends” or similar words or phrases. Forward-looking statements in this press release include, but are not limited to, statements regarding expectations (i) that the acquisition will close on the anticipated closing date or at all, (ii) as to the productivity of the acquired assets, and (iii) with respect to the realization of operating efficiencies and synergies from the combined assets. No forward-looking statement can be guaranteed. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statement. Among other things, these include the volatility of natural gas prices, development activity levels, the availability of raw materials and specialized equipment, the availability of skilled and qualified labor, competition in the natural gas industry, governmental regulation and taxation of the natural gas industry, the Company's ability to implement new technologies and services, the availability and terms of capital, the effects of the COVID-19 pandemic and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the Company's business, and other important factors that could cause actual results to differ materially from those projected herein.