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READING, United Kingdom and HOUSTON, March 11, 2021 /PRNewswire/ — Expro Group, a privately-held international energy services company with market leadership in well access and well flow optimization, and Frank’s International (NYSE: FI), a global oil services company that provides a broad range of highly engineered drilling and completions solutions and services, today announced a definitive agreement under which the companies will combine in an all-stock transaction. Upon the closing of the transaction, Expro shareholders will own approximately 65% of the combined entity, with Frank’s shareholders owning approximately 35%.

The combination brings together two companies with decades of market leadership, best-in-class safety and service quality performance, exceptional talent and global capabilities in well construction, well flow management, subsea well access, well intervention and production services. With a broad range of complementary, highly specialized equipment and services, the combined company will provide customers with cost-effective, innovative solutions across the well lifecycle, driving a stable, diverse revenue mix. The combined company will have a strong, debt-free balance sheet, robust order backlog, more than $1 billion of pro forma annual revenue as well as an ability to generate through-cycle free cash flow and growth.

“This transaction unites two established industry players to create a leading service provider with an extensive portfolio of capabilities across the well lifecycle,” said Mike Jardon, Chief Executive Officer of Expro. “Together, Expro and Frank’s will be better positioned to support our customers around the world and navigate industry cyclicality. This business combination also allows us to rationalize facilities and other support costs, optimize business processes, capitalize on profitable growth opportunities and create value for shareholders of both companies, particularly as the environment for international projects continues to improve.”

Mr. Jardon continued, “We expect the combined company’s scale, debt-free balance sheet and cash flow outlook will allow us to accelerate growth. This will be achieved through an enhanced ability to deliver integrated customer solutions and increased investments in digitalization, autonomous operations and other technologies. The combination of Expro and Frank’s also allows us to advance our commitment to a lower carbon future, which is underpinned by our goals to maximize efficiency and improve our products and services to help the Company and its customers lower emissions. Finally, this transaction will unite two of the premier teams in the industry, and better allow us to attract, retain and develop the best workforce. We look forward to combining the strengths of our businesses and teams and building upon both companies’ proud track records of providing safe, reliable and cost-effective solutions and best-in-class service quality to Expro’s and Frank’s many customers.”

“Expro and Frank’s share complementary cultures, values and competencies – all of which support a smooth integration for our customers and employees,” said Mike Kearney, Chairman, President and CEO of Frank’s. “After undertaking a thorough process to consider a range of strategic alternatives, we are confident that this transaction presents a compelling opportunity for Frank’s shareholders to benefit from value creation led by returns-focused growth. The combination brings scale, improved profitability and free cash flow and, together, we will be better positioned for the industry recovery, of which we are in the early stages. We are extremely proud of Frank’s history and the talented individuals of Frank’s who helped build and sustain our great company. We expect this combination to create career development and advancement opportunities for many of our employees as part of a more balanced and stronger combined organization.”

Multiple Avenues for Value Creation

• Broad offering that spans the well lifecycle provides
  through-cycle resilience and ability to better capture cyclical recovery upside: The combined company’s expanded product offerings will enable it to perform well across the oilfield cycle – generating strong and stable cash flow – and positioning it to capitalize on upside driven by a recovery. The combined company will offer a balanced portfolio of services and solutions that meet customer needs across well construction, completions, production optimization and de-commissioning, in both onshore and offshore markets. Its diverse revenue streams are supported by a global operating footprint and a blue-chip customer base. Together, Expro and Frank’s will generate approximately one-third of the combined company’s revenue from customers’ production optimization efforts. At December 31, 2020, Expro’s backlog was approximately $1 billion.
• Establishes well lifecycle leadership across enhanced geographic footprint, including key international markets: The combined company will have leading positions in large addressable markets across the well-lifecycle and customer spend, with operations in more than 50 countries and across six continents, including the world’s most prolific oil and gas basins. Expro’s established position in North Africa, the Middle East and Asia markets will provide significant opportunities to expand Frank’s presence in these attractive regions. Similarly, the combined company will leverage Frank’s strong position in drilling and completions services throughout the Americas to deliver integrated customer solutions. 
• Robust technology and innovation pipeline to aid sustainability goals
  : Both companies are committed to continuing their development of technologies that will drive enhanced sustainability and enable the combined company to capitalize on industry trends geared towards digitalization, automation and a lower carbon future. The combined company will remain committed to achieving a 50% reduction in carbon intensity by 2030, and net zero CO₂ emissions by 2050, protecting the environment while providing core products and services that help make energy affordable for people around the world and optimize participation in the energy transition.

Strong Balance Sheet and Synergies Bring Significant Degree of Operational Flexibility and Strategic Optionality

• Significant and achievable synergies: The combined company is targeting approximately $55 million of annual run-rate cost synergies to be achieved in the first twelve months, ramping up to $70 million of annual cost savings within 36 months. The companies have also identified significant growth opportunities through complementary customer relationships and operating footprints, earlier visibility into customer requirements, increased time on rig and greater exposure to the full life of the field.
• Strong balance sheet and cash flow before synergies: The combined company will have a debt-free balance sheet and pro forma revenue and adjusted EBITDA, excluding identified synergies, of more than $1 billion and $107 million, respectively, based on the twelve months ended December 31, 2020.
  At closing, the combined company is expected to have approximately $285 million of cash. To supplement available liquidity, the companies expect to complete syndication of a revolving credit facility, which will be available for direct borrowings and letters of credit, of up to $250 million prior to the close of the transaction.

Proven Leadership Team

Upon closing of the transaction, Expro Chief Executive Officer, Mike Jardon, will become Chief Executive Officer of the combined company and will be a member of the Board of Directors. Mike Kearney, Frank’s Chairman, President and Chief Executive Officer, will serve as Chairman of the combined company. Quinn Fanning will serve as Chief Financial Officer of the combined company, and the remainder of the new leadership team is expected to include representatives of both companies.

In addition to Mike Kearney and Mike Jardon, the remainder of the combined company’s nine-member Board of Directors will comprise five additional directors appointed by Expro and two additional directors appointed by Frank’s.

The combined company will be operationally headquartered in Houston, Texas, and will maintain a significant operating presence in Lafayette, Louisiana, Aberdeen, Scotland and other key locations around the world. The principal executive office of the combined company will remain in the Netherlands.

Transaction Terms

Under the terms of the agreement, which has been unanimously approved by the Boards of Directors of both companies, Expro shareholders will receive a fixed exchange ratio of 7.272 shares of Frank’s for each share of Expro owned, subject to adjustment in specified circumstances. Upon the closing of the transaction, Expro shareholders will own approximately 65% of the merged entity, with Frank’s shareholders owning approximately 35%. The transaction is structured to be tax-free to shareholders, and is expected to close in the quarter ending September 30, 2021, subject to approval by Frank’s and Expro shareholders and customary closing conditions, including required regulatory approvals. Upon closing, the combined company will assume the Expro Group name and be listed on the NYSE exchange under the symbol “XPRO”. The combined company will retain the Frank’s brand name for its well construction solutions.

The Mosing family representatives on the Frank’s Board unanimously support the transaction. Expro shareholders representing approximately two-thirds of ownership have agreed to support the transaction.

Advisors

J.P. Morgan Securities plc is serving as financial advisor and Gibson, Dunn & Crutcher LLP is serving as legal counsel to Expro. Moelis & Company is serving as financial advisor and Vinson & Elkins LLP is serving as legal counsel to Frank’s.

Conference Call and Webcast

Expro and Frank’s will host a conference call today at 1:30 PM GMT / 7:30 AM CT to discuss this morning’s announcement. To access the call, please dial 1-(877) 883-0383 or 1-(412) 902-6506 outside the U.S. and enter passcode 1813872. Due to the anticipated high number of callers, the companies encourage listeners to join via webcast unless they intend to participate in the Q&A portion of the call. Those joining by phone should dial in 10-15 minutes prior to the scheduled start time. The conference call will also be broadcast live via the Internet and can be accessed on each company’s website at www.exprogroup.com and www.franksinternational.com.

A webcast replay of the conference call will be available at each company’s website shortly after the call.

ABOUT EXPRO GROUP

For clients working across the entire well life cycle, Expro is the well flow optimization expert. With nearly 50 years of market leadership, Expro employs approximately 4,000 people across 50 countries worldwide. The company combines innovative technologies with high quality data to deliver cost-effective solutions across three main capabilities: well testing and appraisal services; subsea, completion and intervention services; and production services. Expro delivers a service that’s not just state of the art, but highly accurate. www.exprogroup.com

ABOUT FRANK’S INTERNATIONAL

Frank’s International N.V. is a global oil services company that provides a broad and comprehensive range of highly engineered tubular running services, tubular fabrication, and specialty well construction and well intervention solutions with a focus on complex and technically demanding wells. Founded in 1938, Frank’s has approximately 2,400 employees and provides services to leading exploration and production companies in both onshore and offshore environments in approximately 40 countries on six continents. The Company’s common stock is traded on the NYSE under the symbol “FI.” Additional information is available on the Company’s website, www.franksinternational.com.

No Offer or Solicitation

This communication relates to a proposed merger and related transactions (the “Transactions”) between Frank’s International N.V. (“Frank’s”) and Expro Group Holdings International Limited (“Expro”). This communication is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, in any jurisdiction, pursuant to the Transactions or otherwise, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this document in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Important Additional Information

In connection with the Transactions, Frank’s intends to file relevant materials with the U.S. Securities and Exchange Commission (the “SEC”), including a registration statement on Form S-4 (the “Registration Statement”), which will include a proxy statement/prospectus of Frank’s. After the Registration Statement has been declared effective by the SEC, a definitive proxy statement/prospectus will be mailed to the shareholders of the Frank’s and Expro. SHAREHOLDERS OF FRANK’S AND EXPRO ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS RELATING TO THE TRANSACTIONS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTIONS. Such shareholders will be able to obtain free copies of the proxy statement/prospectus and other documents containing important information about Frank’s and Expro once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Additional information is available on the Frank’s website, www.franksinternational.com.

Participants in the Solicitation

Frank’s and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Frank’s in connection with the Transactions. Expro and its officers and directors may also be deemed participants in such solicitation.

Information regarding Frank’s directors and executive officers is contained in the proxy statement for Frank’s 2020 Annual Meeting of Shareholders, which was filed with the SEC on April 28, 2020, Frank’s Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the SEC on March 1, 2021, and certain of its Current Reports on Form 8-K. You can obtain a free copy of these documents at the SEC’s website at http://www.sec.gov or by accessing Frank’s website at http://www.franksinternational.com.

Other information regarding persons who may be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.

Forward-Looking Statements and Cautionary Statements

The foregoing 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 fact, included in this communication that address activities, events or developments that Expro or Frank’s expects, believes or anticipates will or may occur in the future are forward-looking statements. Words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “potential,” “create,” “intend,” “could,” “may,” “foresee,” “plan,” “will,” “guidance,” “look,” “outlook,” “goal,” “future,” “assume,” “forecast,” “build,” “focus,” “work,” “continue” or the negative of such terms or other variations thereof and words and terms of similar substance that convey the uncertainty of future events or outcomes identify the forward-looking statements, although not all forward-looking statements contain such identifying words. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include, but are not limited to, statements, estimates and projections regarding the Transactions, pro forma descriptions of the combined company, anticipated or expected revenues, EBITDA, synergies or cost-savings, operations, integration and transition plans, opportunities and anticipated future performance. These statements are based on certain assumptions made by Frank’s and Expro based on management’s experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance.

Although Frank’s and Expro believe the expectations reflected in these forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Frank’s, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Such risks and uncertainties include the risk of the failure to obtain the required votes of Frank’s and Expro’s shareholders; the timing to consummate the Transactions; the risk that the conditions to closing of the Transactions may not be satisfied or that the closing of the Transactions otherwise does not occur; the failure to close the Transactions on the anticipated terms, including the anticipated tax treatment; the risk that a regulatory approval, consent or authorization that may be required for the Transactions is not obtained in a timely manner or at all, or is obtained subject to conditions that are not anticipated; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement relating to the Transactions; unanticipated difficulties or expenditures relating to the Transactions; the diversion of management time on Transactions-related matters; the ultimate timing, outcome and results of integrating the operations of Frank’s and Expro; the effects of the business combination of Frank’s and Expro following the consummation of the Transactions, including the combined company’s future financial condition, results of operations, strategy and plans; the risk that any announcements relating to the Transactions could have adverse effects on the market price of Frank’s common stock; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Transactions; expected synergies and other benefits from the Transactions; the potential for litigation related to the Transactions; results of litigation, settlements and investigations; actions by third parties, including governmental agencies; volatility in customer spending and in oil and natural gas prices, which could adversely affect demand for Frank’s and Expro’s services and their associated effect on rates, utilization, margins and planned capital expenditures; unique risks associated with offshore operations; global economic conditions; liabilities from operations; decline in, and ability to realize, backlog; equipment specialization and new technologies; adverse industry conditions; adverse credit and equity market conditions; difficulty in building and deploying new equipment; difficulty in integrating acquisitions; shortages, delays in delivery and interruptions of supply of equipment, supplies and materials; weather; loss of, or reduction in business with, key customers; legal proceedings; ability to effectively identify and enter new markets; governmental regulation, including legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; ability to retain and hire key personnel, including management and field personnel; the length of time it will take for the United States and the rest of the world to slow the spread of the COVID-19 virus to the point where applicable authorities ease current restrictions on various commercial and economic activities; and other important factors that could cause actual results to differ materially from those projected.

All such factors are difficult to predict and are beyond Expro’s or Frank’s control, including those detailed in Frank’s annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K that are available on Frank’s website at http://www.franksinternational.com and on the SEC’s website at http://www.sec.gov. Any forward-looking statement speaks only as of the date on which such statement is made, and Expro and Frank’s undertake no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements.

Frank’s Contact:

Sydney Isaacs / Alan Oshiki
Abernathy MacGregor
713-817-9346

Expro Contact:

Quinn Fanning

Expro
281-994-1066

Andrew Siegel / Nick Lamplough
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

 

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SOURCE Frank’s International N.V.

SOUTH SAN FRANCISCO, Calif., March 11, 2021 /PRNewswire/ — IDEAYA Biosciences, Inc. (NASDAQ: IDYA), a synthetic lethality-focused precision medicine oncology company committed to the discovery and development of targeted therapeutics, announced publication of abstracts at the 2021 Annual Meeting of the American Association for Cancer Research (AACR).  IDEAYA will present data for its potential first-in-class synthetic lethality programs IDE397, a Phase 1 methionine adenosyltransferase 2a (MAT2A) inhibitor, poly (ADP-ribose) glycohydrolase (PARG) for which a development candidate is targeted in 2021, and IDE196, a Phase 1/2 protein kinase C (PKC) inhibitor targeting GNAQ/11-mutation cancers.

The IDEAYA abstracts were posted online by AACR (http://www.aacr.org) in advance of the 2021 Annual Meeting of AACR, which will be held April 10-15, 2021:

• “MAT2A inhibitor, IDE397, displays broad anti-tumor activity across a panel of MTAP-deleted patient-derived xenografts” (Marcus Fischer et al.)
• “Genomic and metabolomic analysis of MAT2A inhibition reveals increased RNA splicing, lipid metabolism and cell cycle arrest in MTAP deleted tumor models” (Neil Bhola et al.)
• “Synthetic lethality of PARG inhibition in tumors with homologous recombination deficiencies” (Monah Abed et al.)
• “Preclinical evaluation of a PKC and MET inhibitor combination in metastatic uveal melanoma” (Marie-Claire Wagle et al.)

IDEAYA is evaluating IDE397, a potential first-in-class small molecule inhibitor targeting MAT2A, in a Phase 1 clinical trial for patients having tumors harboring MTAP deletion.  IDEAYA plans to present preclinical data evaluating the efficacy of monotherapy IDE397 in over forty patient-derived xenograft (PDX) models with homozygous MTAP deletions across a range of solid tumor types.  IDEAYA will also present preclinical data evaluating the genomic and metabolic effects of pharmacological inhibition of MAT2A in an isogenic cell pair and of proliferation effects in MTAP deleted and MTAP wild type cell lines. 

IDEAYA is advancing its wholly-owned PARG synthetic lethality program for patients having tumors with a defined biomarker based on genetic mutations and/or molecular signatures.   IDEAYA plans to present preclinical data evaluating the effects of pharmacological inhibition of PARG in a panel of HR-deficient cell lines and cell line derived xenografts (CDX). 

“We have established a broad and potential first-in-class clinical stage pipeline in synthetic lethality – an emerging area of precision medicine oncology, and are excited to present our program data at AACR 2021,” said Dr. Michael Dillon, Ph.D., Senior Vice President, Chief Scientific Officer and Head of Research at IDEAYA Biosciences.

IDEAYA is evaluating IDE196, a potential first-in-class PKC inhibitor, in a Phase 1/2 clinical trial for the treatment of metastatic uveal melanoma (MUM) and GNAQ/11-mutation skin melanoma. In MUM, the IDE196 clinical program is focused on clinical combinations, including with binimetinib, a MEK inhibitor, and independently with crizotinib, a cMET inhibitor, pursuant to a clinical trial and supply agreement with Pfizer.

IDEAYA plans to present translational data at AACR retrospectively evaluating cMET expression in clinical biopsies from MUM patients in an IDE196 Phase 1 clinical trial, as well as preclinical data evaluating synergy between IDE196 and crizotinib in relevant cell models of a liver tumor microenvironment, a site of approximately 90% of uveal melanoma metastases.

“We identified a cMET inhibitor as a potential combination agent through our translational research, and we believe these preclinical data provide a compelling biological rationale for the IDE196 and crizotinib combination to treat patients with metastatic uveal melanoma,” said Matthew Maurer, M.D., Vice President, Head of Clinical Oncology and Medical Affairs at IDEAYA Biosciences.

About IDEAYA Biosciences
IDEAYA is a synthetic lethality-focused precision medicine oncology company committed to the discovery and development of targeted therapeutics for patient populations selected using molecular diagnostics.  IDEAYA’s approach integrates capabilities in identifying and validating translational biomarkers with drug discovery to select patient populations most likely to benefit from its targeted therapies.  IDEAYA is applying its early research and drug discovery capabilities to synthetic lethality – which represents an emerging class of precision medicine targets. 

Forward-Looking Statements
This press release contains forward-looking statements, including, but not limited to, statements related to the various presentations at the 2021 Annual Meeting of AACR .  Such forward-looking statements involve substantial risks and uncertainties that could cause IDEAYA’s preclinical and clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the drug development process, including IDEAYA’s programs’ early stage of development, the process of designing and conducting preclinical and clinical trials, the regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing drug products, IDEAYA’s ability to successfully establish, protect and defend its intellectual property, the effects on IDEAYA’s business of the worldwide COVID-19 pandemic, and other matters that could affect the sufficiency of existing cash to fund operations. IDEAYA undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of IDEAYA in general, see IDEAYA’s recent Quarterly Report on Form 10-Q filed on November 12, 2020 and any current and periodic reports filed with the U.S. Securities and Exchange Commission.   

 

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SOURCE IDEAYA Biosciences, Inc.

MIDLAND, Texas, March 11, 2021 /PRNewswire/ — Dawson Geophysical Company (NASDAQ: DWSN) (the “Company”) today reported unaudited financial results for its fourth quarter and full year ended December 31, 2020.

For the fourth quarter ended December 31, 2020, the Company reported revenues of $8,884,000, a decrease of approximately 74% compared to $33,557,000 for the quarter ended December 31, 2019. For the fourth quarter of 2020, the Company reported a net loss of $7,849,000, or $0.33 loss per share of common stock, compared to a net loss of $5,828,000, or $0.25 loss per share of common stock, for the quarter ended December 31, 2019. The Company reported negative EBITDA of $4,151,000 for the quarter ended December 31, 2020 compared to negative EBITDA of $788,000 for the quarter ended December 31, 2019.

For the year ended December 31, 2020, the Company reported revenues of $86,100,000, a decrease of approximately 41% compared to $145,773,000 for the year ended December 31, 2019. For the full year 2020, the Company narrowed its net loss to $13,196,000, or $0.56 loss per share of common stock, from a net loss of $15,213,000, or $0.66 loss per share of common stock, for the year ended December 31, 2019. The Company reported EBITDA of $3,683,000 for the year ended December 31, 2020, a decrease of approximately 41% compared to $6,261,000 for the year ended December 31, 2019.

During the fourth quarter of 2020, the Company operated one data acquisition crew with periods of low utilization in the United States (“U.S.”). The one crew was inactive for the latter part of the third quarter and well into the fourth quarter. Based on currently available information, the Company anticipates operating one crew in the U.S. through the first quarter with likely sustained periods of downtime and one crew in Canada for the winter season ending at the end of the first quarter of 2021. While visibility remains limited beyond the first quarter, the Company maintains the ability to deploy additional crews on short notice when market conditions improve. Reflected in both the fourth quarter and year end results is a non-cash impairment of approximately $1.6 million related to a note receivable and bad debt expense.

Stephen C. Jumper, President and Chief Executive Officer, said, “Fiscal 2020 was a year of unprecedented adversity. The company started out the first half of the year with its best financial and operational results in many years. We operated three large channel count crews in the U.S. and up to three crews in the Canada during the first quarter of 2020. The company continued profitability in the second quarter with the operation of two large channel count crews. As reported in our second quarter earnings release, the company began to experience the dramatic impact of the COVID-19 related economic lockdowns in late spring and early summer. As oil prices began to trade at significantly low levels, Exploration and Production (“E&P”) companies reduced their capital budgets and spending, which in turn, negatively impacted demand for our services. As a result, crew deployment lessened and utilization of our existing channels dropped. Utilization levels went from strong and promising in the first half of the year to weak for periods of time in the second half of the year. Even though we have seen some gradual uptick in oil prices, current requests for proposals for our services in both the U.S. and Canada remain challenged. We are beginning to see signs of modest recovery in the oilfield service space as the oil and gas industry has experienced slight economic improvements in the number of active drilling rigs and hydraulic fracturing crews deployed in the U.S. On a different note, the decrease in overall activity and financial difficulties led to an increase in M&A activity as some E&P companies have chosen to consolidate with others. At this time, we are unable to forecast the impact that this activity will have on the demand for our services as E&P companies re-evaluate their capital spending projects. However, this recent M&A activity indicates E&P companies will continue their focus on shareholder returns and disciplined capital spending as they seek to develop and produce oil and natural gas with increased efficiency by prioritizing their most economic drilling locations. This need for increased efficiencies promotes demand for seismic data acquisition and the services we provide. As in the most recent down cycles, we anticipate recovery in seismic data acquisition to somewhat lag behind increases in drilling and completion activities. The overall effect on the Company of the current administration’s order to pause oil and gas leasing and issuance of new drilling permits on federal lands is yet to be determined, however, we anticipate activity among E&P companies to be cautious in many of the Western States such as New Mexico, Utah and Wyoming.”

Jumper continued, “In response to these difficult conditions, we are maintaining our focus on cost saving measures while balancing the ability to respond rapidly when market conditions improve. As reported in our previous press releases this past year, we have taken steps to outsource several ancillary services. These steps, including permitting and surveying, have resulted in reduced salary costs and lower general and administrative expenses. Moreover, as previously reported in our second quarter 2020 earnings press release, the Company anticipates approximately $4.3 million in annual cost savings as a result of previously enacted cost saving measures.”

Capital expenditures for the fourth quarter were $25,000 and totaled $2,786,000 for the twelve months ended December 31, 2020, primarily for maintenance capital items. The Company’s Board of Directors has approved an initial capital budget of $1,000,000 for 2021. The Company’s balance sheet remains strong with $46,538,000 of cash, restricted cash and short term investments and $51,149,000 of working capital as of December 31, 2020. The Company is nearly debt free, with notes payable and finance leases of $138,000 as of December 31, 2020.

Jumper concluded, “Despite the setbacks thrust upon us by the worldwide COVID-19 pandemic, we are determined to press forward and deliver the highest quality services for our clients. Our state-of-the-art equipment inventory, our strong and unleveraged balance sheet and our dedicated work force positions us for a healthy recovery when market conditions improve. As mentioned above, conditions are difficult and will remain so for the near-term pending continued improvement and stabilization in oil prices, but I am confident in the future and that we are properly focused on upcoming opportunities. I thank all of our hard-working employees, valued clients and our trusted shareholders as we work toward better times ahead.”

Conference Call Information

Dawson Geophysical Company will host a conference call to review its year-end and fourth quarter 2020 financial results on March 11, 2021 at 9:00 a.m. Central / 10:00 a.m. Eastern. Participants can access the call at 1-800-289-0438 (US/Canada) and 1-323-794-2423 (Toll/International). To access the live audio webcast or the subsequent archived recording, visit the Dawson website at www.dawson3d.com. Callers can access the telephone replay through April 11, 2021 by dialing 1-844-512-2921 (Toll-Free) and 1-412-317-6671 (Toll/International). The passcode is 7372829. The webcast will be recorded and available for replay on Dawson’s website at http://www.dawson3d.com until April 11, 2021.

About Dawson

Dawson Geophysical Company is a leading provider of North American onshore seismic data acquisition services with operations throughout the continental United States and Canada. Dawson acquires and processes 2-D, 3-D and multi-component seismic data solely for its clients, ranging from major oil and gas companies to independent oil and gas operators, as well as providers of multi-client data libraries.

Non-GAAP Financial Measures

In an effort to provide investors with additional information regarding the Company’s preliminary and unaudited results as determined by generally accepted accounting principles (“GAAP”), the Company has included in this press release information about the Company’s EBITDA, a non-GAAP financial measure as defined by Regulation G promulgated by the U.S. Securities and Exchange Commission. The Company defines EBITDA as net income (loss) plus interest expense, interest income, income taxes, and depreciation and amortization expense. The Company uses EBITDA as a supplemental financial measure to assess:

• the financial performance of its assets without regard to financing methods, capital structures, taxes or historical cost basis;
• its liquidity and operating performance over time in relation to other companies that own similar assets and that the Company believes calculate EBITDA in a similar manner; and
• the ability of the Company’s assets to generate cash sufficient for the Company to pay potential interest costs.

The Company also understands that such data are used by investors to assess the Company’s performance.  However, the term EBITDA is not defined under GAAP, and EBITDA is not a measure of operating income, operating performance or liquidity presented in accordance with GAAP.  When assessing the Company’s operating performance or liquidity, investors and others should not consider this data in isolation or as a substitute for net income (loss), cash flow from operating activities or other cash flow data calculated in accordance with GAAP. In addition, the Company’s EBITDA may not be comparable to EBITDA or similar titled measures utilized by other companies since such other companies may not calculate EBITDA in the same manner as the Company. Further, the results presented by EBITDA cannot be achieved without incurring the costs that the measure excludes: interest, taxes, and depreciation and amortization. A reconciliation of the Company’s EBITDA to its net loss is presented in the table following the text of this press release.

Forward-Looking Statements

In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company cautions that statements in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that may materially affect the Company’s actual results of operations. Such forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors. These risks include, but are not limited to, dependence upon energy industry spending; changes in exploration and production spending by our customers and changes in the level of oil and natural gas exploration and development; the results of operations and financial condition of our customers, particularly during extended periods of low prices for crude oil and natural gas; the volatility of oil and natural gas prices; changes in economic conditions; the severity and duration of the COVID-19 pandemic, related economic repercussions and the resulting negative impact on demand for oil and gas; the current significant surplus in the supply of oil and the ability of OPEC+ to agree on and comply with supply limitations; the duration and magnitude of the unprecedented disruption in the oil and gas industry currently resulting from the impact of the foregoing factors, which is negatively impacting our business; the potential for contract delays; reductions or cancellations of service contracts; limited number of customers; credit risk related to our customers; reduced utilization; high fixed costs of operations and high capital requirements; operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees and remote work arrangements; industry competition; external factors affecting the Company’s crews such as weather interruptions and inability to obtain land access rights of way; whether the Company enters into turnkey or day rate contracts; crew productivity; the availability of capital resources; and disruptions in the global economy. A discussion of these and other factors, including risks and uncertainties, is set forth in the Company’s Annual Report on Form 10-K that was filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 6, 2020 and any subsequent Quarterly Reports on Form 10-Q filed with the SEC. The Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

 

 

 

 

 

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SOURCE Dawson Geophysical Company

JACKSON, Mich., March 11, 2021 /PRNewswire/ — Consumers Energy announced today an agreement to purchase 140 megawatts of clean, renewable energy – enough to power about 70,000 residential customers — from the Calhoun Solar Center. Invenergy, a leading Midwest-based developer and operator of sustainable energy solutions, is developing and building the project.

“We are proud to team with Invenergy as we continue to create a cleaner, more sustainable energy future for Michigan,” said Tim Sparks, vice president of electric grid integration at Consumers Energy. “We are committed to protecting the planet while providing the energy our homes and businesses need for decades to come.”

The agreement makes Calhoun Solar Center one of the largest single projects providing solar energy to Consumers Energy customers. The plan requires approval by the Michigan Public Service Commission.

“Great progress is being made by Consumers Energy to foster sustainable communities in Michigan, and Invenergy is pleased to support this commitment by providing clean, reliable energy from our Calhoun Solar Center,” said Mick Baird, senior vice president, renewable development at Invenergy.

Calhoun Solar Center will have a total capacity of 200 megawatts and is expected to be completed in 2022. Under the proposed agreement, Consumers Energy would purchase 140 megawatts from the solar facility for 25 years.

Solar energy is a major component of Consumers Energy’s Clean Energy Plan, a blueprint to eliminate coal and dramatically boost renewable energy to help achieve net zero carbon emissions by 2040. The plan calls for adding approximately 1,100 MW of solar through 2024. To learn more, visit MiCleanEnergy.com.

Consumers Energy announced earlier this year that eight projects in two Michigan counties recently began generating solar energy for its customers.

Consumers Energy is the principal subsidiary of CMS Energy (NYSE: CMS), providing natural gas and/or electricity to 6.7 million of the state’s 10 million residents in all 68 Lower Peninsula counties.

For more information about Consumers Energy,
go to
ConsumersEnergy.com.

Check out Consumers Energy on Social Media


 
Facebook: https://www.facebook.com/consumersenergymichigan
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SOURCE Consumers Energy

HOUSTON, March 11, 2021 /PRNewswire/ — Goodrich Petroleum Corporation (NYSE American: GDP) (the “Company”) today announced fourth quarter and year-end 2020 financial and operating results.

THE COMPANY HAS POSTED A NEW PRESENTATION ON THE COMPANY’S WEBSITE WHICH WILL BE REVIEWED ON THE EARNINGS CONFERENCE CALL.  INVESTORS CAN ACCESS THE SLIDES AT:

http://goodrichpetroleumcorp.investorroom.com/presentations

FINANCIAL HIGHLIGHTS

• Adjusted net income was $3.3 million for the quarter and $2.7 million for the year.  The Company had a net loss of $7.9 million ($0.62 per basic and fully diluted share) for the quarter and a net loss of $44.1 million ($3.50 per basic and fully diluted share) for the year, which included an impairment expense of $18.9 million for the quarter and $36.1 million for the year and a mark-to-market loss representing the change of the fair value of our open natural gas and oil derivative contracts of $10.8 million for the year.
• Adjusted EBITDA was $17.4 million for the quarter and $62.0 million for the year. Discretionary cash flow (“DCF”), defined as net cash provided by operating activities before changes in working capital, was $16.8 million in the quarter and $58.4 million for the year.
• Production totaled 12.4 Bcfe in the quarter, or an average of approximately 135,000 Mcfe per day. Production was negatively impacted by the completion deferral of 4 gross (0.5 net) non-operated wells to the first quarter of 2021.
• Return on Invested Capital (“ROIC”), defined as trailing twelve month Adjusted EBITDA divided by total assets less current liabilities, was 38% at year-end.
• Per unit cash expenses were $1.04 per Mcfe for the quarter, broken out as follows.
• Lease operating expense (“LOE”) including workovers was $0.29 per Mcfe, which included $0.07 per Mcfe of workover expense;
• Production and other taxes expense was $0.03 per Mcfe;
• Transportation and processing expense was $0.37 per Mcfe;
• General and Administrative (“G&A”) expense (payable in cash) was $0.28 per Mcfe; and
• Cash Interest expense was $0.07 per Mcfe.
• Cash Margin was $1.31 per Mcfe (56%), comprised of a net realized price including hedges of $2.35 per Mcfe less per unit cash expenses detailed above of $1.04 per Mcfe.
• On March 9, 2021, the Company added an incremental $15 million of second lien notes to its existing such notes and extended the maturity date to May 31, 2023. The Company used the proceeds to pay down its credit facility balance, which stood at $96.4 million at year-end. The incremental capital provides added liquidity under its credit facility, which currently has a borrowing base of $120 million, with its next redetermination in the spring.

RESERVES

• Under SEC pricing of $39.57 per Bbl of oil and $1.99 per Mcf of gas, proved reserves grew by 5% over the previous year to 543 Bcfe. The present value, using a 10% discount rate of the future net cash flows (“PV10”), was $183 million. The Company had reserve additions of 181 Bcfe, production of 49 Bcfe and negative revisions of 106 Bcfe primarily due to natural gas prices. Drilling and completion capital expenditures in 2020 were $56.2 million, for an organic finding and development cost of $0.31 per Mcfe. Proved developed reserve additions had a finding and development cost of $0.91 per Mcfe. Proved developed producing reserves comprised 29% of the total volumes and 57% of PV10.

• Year-end proved reserves at flat pricing of $2.50 per Mcf and $55.00 per barrel of oil, totaled 559 Bcfe, with PV10 of $338 Million (46% PDP), 99% Natural Gas.

• Year-end proved reserves at flat pricing of $3.00 per Mcf and $55.00 per barrel of oil totaled 566 Bcfe, with PV10 of $485 Million (41% PDP), 99% Natural Gas.

ACREAGE ACQUISITION

In the fourth quarter, the Company acquired an incremental 2,000 net acres in the core of the Haynesville Shale area in Caddo Parish, Louisiana under a drill-to-earn basis, which brings its acreage totals in the play to approximately 49,000 gross (26,000 net) acres. For the year, the Company added approximately 4,000 net acres through bolt on acquisitions.

GUIDANCE

The Company is maintaining its full year capital expenditure guidance for 2021 of $75 – 85 million, but issuing new production guidance to take into effect an increase in non-operated activity versus operated activity, which will cause a delay in previously scheduled completions, and production shut-ins from the storm in February. Production guidance for 2021 is reduced by 5,000 MMBtu per day at the midpoint, to an average of 160,000 – 170,000 Mcfe per day, and production for the first quarter is expected to average 127,500 – 132,500 Mcfe per day. The Company has recently completed 9.0 gross (3.2 net) wells, with current production rate of approximately 160,000 Mcfe per day.  

FINANCIAL RESULTS

Cash Flow

Adjusted EBITDA was $17.4 million in the quarter, compared to $20.9 million in the prior year period. Adjusted EBITDA for the year was $62.0 million versus $79.0 million in the prior year.

Discretionary cash flow (“DCF”), defined as net cash provided by operating activities before changes in working capital, was $16.8 million in the quarter, compared to $19.8 million in the prior year period. DCF was $58.4 million for the year, versus $75.5 million in the prior year.

(See accompanying tables at the end of this press release that reconcile Adjusted EBITDA and DCF, each of which are non-US GAAP financial measures, to their most directly comparable US GAAP financial measure.)

Net Income (Loss)

Net loss for the quarter was $7.9 million, or ($0.62 per basic and fully diluted share), versus net loss of $0.9 million, or ($0.08 per basic and fully diluted share) in the prior year period. Net loss for the year was $44.1 million, or ($3.50 per basic and fully diluted share), versus net income of $13.3 million, or $1.09 per basic and $0.96 per fully diluted share in the prior year. Adjusted net income was $3.3 million for the quarter and $2.7 million for the year.

(See accompanying tables at the end of this press release that reconciles adjusted net income, which is a non-US GAAP financial measure, to its most directly comparable US GAAP financial measure.) 

Production

Production totaled 12.4 Bcfe in the quarter, or an average of approximately 135,000 Mcfe per day (98% natural gas), versus 13.3 Bcfe, or an average of approximately 145,000 Mcfe per day (98% natural gas) in the prior year period. Production for the year was 49.0 Bcfe, or an average of approximately 134,000 Mcfe per day (98% natural gas), versus 47.7 Bcfe, or an average of approximately 131,000 Mcfe per day (98% natural gas) in the prior year. Production for the quarter was negatively impacted by the completion deferral of 4 gross (0.5 net) non-operated wells to the first quarter of 2021.

Revenues

Oil and natural gas revenues adjusted for cash settled derivatives totaled $29.2 million in the quarter, comprised of $28.9 million of realized oil and natural gas revenues and $0.3 million of cash settled derivatives. The average realized price per unit was $2.33 per Mcfe ($2.25 per Mcf of natural gas and $42.11 per barrel of oil) or $2.35 per Mcfe when including cash settled derivatives, versus $2.27 per Mcfe ($2.14 per Mcf of natural gas and $58.52 per barrel of oil) or $2.53 per Mcfe when including cash settled derivatives in the prior year.

Oil and natural gas revenues adjusted for cash settled derivatives totaled $109.0 million for the year, comprised of $93.8 million of oil and natural gas revenues and $15.2 million of cash settled derivatives. The average realized price per unit for the year was $1.92 per Mcfe ($1.82 per Mcf of natural gas and $42.59 per barrel of oil) or $2.23 per Mcfe when including cash settled derivatives, versus $2.48 per Mcfe ($2.31 per Mcf of natural gas and $60.77 per barrel of oil), or $2.68 per Mcfe when including cash settled derivatives in the prior year.

(See accompanying table at the end of this press release that reconciles oil and natural gas revenues adjusted for cash settled derivatives, which is a non-US GAAP financial measure, to its most directly comparable US GAAP financial measure.)

Operating Expenses

Lease operating expense (“LOE”)
 was $3.6 million in the quarter, or $0.29 per Mcfe, which included $0.9 million, or $0.07 per Mcfe for workovers. LOE was $3.5 million, or $0.26 per Mcfe, in the prior year period, which included $0.4 million, or $0.03 per Mcfe, for workovers. For the year, LOE totaled $13.0 million, or $0.27 per Mcfe, which included $2.2 million, or $0.04 per Mcfe, for workovers, versus $12.4 million, or $0.26 per Mcfe in the prior year, which included $1.3 million, or $0.03 per Mcfe, in workovers.       

Production and other taxes
 were $0.4 million in the quarter, or $0.03 per Mcfe, versus $0.7 million, or $0.05 per Mcfe, in the prior year period. For the year, production and other taxes totaled $2.8 million, or $0.06 per Mcfe, versus $2.6 million, or $0.05 per Mcfe, in the prior year.     

Transportation and processing expense
 was $4.5 million in the quarter, or $0.37 per Mcfe, versus $5.1 million, or $0.39 per Mcfe, in the prior year period. For the year, transportation and processing expense totaled $19.1 million, or $0.40 per Mcfe, versus $20.7 million, or $0.43 per Mcfe, in the prior year. 

Depreciation, depletion and amortization (“DD&A”) expense
 was $11.1 million in the quarter, or $0.90 per Mcfe, versus $14.2 million, or $1.06 per Mcfe, in the prior year period. For the year, DD&A expense totaled $46.6 million, or $0.95 per Mcfe, versus $50.7 million, or $1.06 per Mcfe, in the prior year.

Impairment expense
 was $18.9 million in the quarter, or $1.52 per Mcfe, and $36.1 million for the year, or $0.74 per Mcfe, as a result of the full cost ceiling test due to low natural gas prices over the trailing twelve months. There was no impairment charge recorded in the prior year periods.

General and Administrative (“G&A”) expense
 was $4.7 million in the quarter, or $0.38 per Mcfe, versus $5.3 million, or $0.40 per Mcfe, in the prior year period. G&A expense payable in cash was $3.4 million in the quarter, or $0.28 per Mcfe, versus $3.7 million or $0.28 per Mcfe, in the prior year period.  For the year, G&A expense totaled $18.0 million, or $0.37 per Mcfe, versus $20.8 million, or $0.44 per Mcfe, in the prior year. G&A expense payable in cash for the year was $13.3 million, or $0.27 per Mcfe, versus $14.5 million, or $0.30 per Mcfe, in the prior year.  

G&A expense related to non-cash stock based compensation totaled $1.2 million in the quarter, or $0.10 per Mcfe, versus $1.6 million, or $0.12 per Mcfe, in the prior year period. For the year, G&A expense related to non-cash stock based compensation totaled $4.7 million, or $0.10 per Mcfe, versus $6.3 million, or $0.13 per Mcfe, in the prior year.    

(See accompanying table at the end of this press release that reconciles G&A expense payable in cash, which is a non-US GAAP financial measure, to its most directly comparable US GAAP financial measure.)

Operating Income (Loss)

Operating loss, defined as revenues minus operating expenses, totaled $14.3 million in the quarter and $41.7 million for the year. Adjusted operating income was $4.6 million for the quarter and adjusted operating loss was $5.6 million for the year.

(See accompanying table at the end of this press release that reconciles adjusted operating income (loss), which is a non-US GAAP financial measure, to its most directly comparable US GAAP financial measure.)

Interest Expense

Interest expense totaled $1.6 million in the quarter, which included interest payable in cash of $0.9 million incurred on the Company’s credit facility and non-cash interest of $0.7 million, which included $0.5 million paid-in-kind interest incurred on the Company’s second lien notes and $0.2 million amortization of debt discount and issuance costs. Interest expense was $2.0 million in the prior year period, which included interest payable in cash of $1.2 million incurred on the Company’s credit facility and non-cash interest of $0.8 million, which included $0.4 million paid-in-kind interest on the Company’s second lien notes and $0.4 million amortization of debt discount and issuance costs.

Interest expense for the year totaled $7.0 million, which included interest payable in cash of $4.0 million incurred on the Company’s credit facility and non-cash interest of $3.0 million, which included $1.8 million paid-in-kind interest on the Company’s second lien notes and $1.2 million amortization of debt discount and issuance costs. Interest expense in the prior year totaled $11.0 million, which included interest payable in cash of $3.9 million incurred on the Company’s credit facility and non-cash interest of $7.1 million, which included $4.0 million paid-in-kind interest on the Company’s second lien notes and $3.1 million amortization of debt discount and issuance costs.

(See accompanying table at the end of this press release that reconciles interest payable in cash, which is a non-US GAAP financial measure, to its most directly comparable US GAAP financial measure.)

Capital Expenditures 

Capital expenditures totaled $11.0 million in the quarter, of which $10.9 million was spent on drilling and completion costs and $0.1 million for asset retirement obligations. For the year, capital expenditures totaled $56.5 million, of which $56.2 million was spent on drilling and completion costs, $0.2 million for asset retirement obligations and, $0.1 million on furniture and fixtures. The Company’s Board of Directors will review the Company’s preliminary capital expenditure budget for 2021 quarterly and adjust, if necessary, based on commodity prices and the goal of free cash flow generation from moderate growth in volumes and a further reduction in per unit costs.

Balance Sheet 

The Company exited the year with $1.4 million of cash, $96.4 million outstanding under the Company’s credit facility and total principal debt outstanding, including the credit facility and the second lien notes, of $110.2 million. On March 9, 2021, the Company added an incremental $15 million of second lien notes under the same terms of such notes and extended the maturity date to May 31, 2023, and used the proceeds to pay down the credit facility balance. The Company currently has a borrowing base of $120 million with its next redetermination due in the spring.  

Crude Oil and Natural Gas Derivatives

The Company had a gain of $8.0 million on its derivatives not designated as hedges in the quarter, which was comprised of a $0.3 million gain on cash derivative settlements and a $7.7 million gain from the change in fair value of our natural gas and oil derivative contracts. In the prior year period, the Company had a loss of $0.4 million on its derivatives not designated as hedges in the quarter, which was comprised of a $3.4 million gain on cash derivative settlements and a $3.8 million loss from the change in fair value of our natural gas and oil derivative contracts.

For the year ended December 31, 2020, the Company had a gain of $4.4 million on its derivatives not designated as hedges, which was comprised of a gain of $15.2 million on cash derivative settlements and a $10.8 million loss from the change in fair value of our natural gas and oil derivative contracts. In the prior year, the Company had a gain of $15.0 million on its derivatives not designated as hedges, which was comprised of a gain of $9.6 million on cash derivative settlements and a $5.4 million gain from the change in fair value of our natural gas and oil derivative contracts.

OTHER INFORMATION

In this press release, the Company refers to several non-US GAAP financial measures, including Adjusted EBITDA, DCF, Return on Invested Capital (“ROIC”), oil and natural gas revenues adjusted for cash settled derivatives, adjusted net income, adjusted operation income (loss), G&A expense payable in cash and interest payable in cash. Management believes Adjusted EBITDA, DCF and ROIC are good financial indicators of the Company’s performance and ability to internally generate operating funds. Adjusted EBITDA and adjusted net income should not be considered an alternative to net income (loss) applicable to common stock, as defined by US GAAP. DCF should not be considered an alternative to net cash provided by operating activities, as defined by US GAAP. Oil and natural gas revenues adjusted for cash settled derivatives should not be considered an alternative for oil and natural gas revenues, as defined by US GAAP. Adjusted operating income (loss) should not be considered an alternative to operating income (loss), as defined by US GAAP. G&A expense payable in cash should not be considered an alternative to general and administrative expense, as defined by US GAAP. Interest payable in cash should not be considered an alternative to interest expense, as defined by US GAAP. Management believes that all of these non-US GAAP financial measures provide useful information to investors because they are monitored and used by Company management and widely used by professional research analysts in the valuation and investment recommendations of companies within the oil and gas exploration and production industry.

Unless otherwise stated, oil production volumes include condensate.

Certain statements in this news release regarding future expectations and plans for future activities may be regarded as “forward looking statements” within the meaning of the Securities Litigation Reform Act. They are subject to various risks, such as financial market conditions, changes in commodities prices and costs of drilling and completion, operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas, as well as other risks discussed in detail in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and other subsequent filings with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.

Goodrich Petroleum is an independent oil and natural gas exploration and production company listed on the NYSE American under the symbol “GDP”.

 

 

 

 

 

 

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SOURCE Goodrich Petroleum Corporation