Eagle Energy Inc. Provides Update to Shareholders on Growth Strategy and Announces First Quarter 2017 Results
Eagle Energy Inc. ("Eagle") (TSX:EGL) is pleased to update shareholders and report its results for the first quarter ended March 31, 2017.
Richard Clark, Eagle's Chief Executive Officer, stated, "Eagle has been quietly working to put all of the pieces in place to execute our growth strategy. We successfully closed the White Oak financing in mid-March, which gives us sufficient capital and the time to do our work, even with volatile commodity prices. I am pleased with our technical team's progress toward developing an exciting advancement to our North Texas asset."
"Certain elements of this strategy were not disclosed earlier by Eagle due to the competitive advantages of keeping this information confidential while we were expanding our footprint in North Texas. We believe this opportunity is key to creating value for shareholders. Although we have more work to do, Eagle believes that it has established a land position of sufficient scope that it is now appropriate for us to provide highlights of this strategy. Our new corporate presentation, outlining Eagle's pivot to growth, will be available at www.EagleEnergy.com on Monday, May 15, 2017.
We offer the following highlights regarding our North Texas expansion, signalling the beginning of an exciting path forward:
Our 2016 year-end independent reserves report has assigned proved undeveloped reserves ("PUDs") to our North Texas asset, including our budgeted wells scheduled to be drilled this summer, which we believe means our independent reserve evaluators recognize the quality of our technical work on this asset and our track record developing conventional reserves with horizontal drilling. This is a huge vote of confidence.
Mr. Clark concluded, "While we acknowledge receipt of the dissident information circular, our strategy is not a "sell everything at the bottom of the market" approach, but to move forward to build and generate significant value. Of the alternatives to maximize shareholder value, we believe that Eagle's current board and management team are best positioned to deliver a more certain and positive outcome for all shareholders. We are excited about the future for all stakeholders of Eagle. Further information will be contained in our Management Information Circular."
Eagle's unaudited condensed consolidated interim financial statements and accompanying notes for the three months ended March 31, 2017 have been filed with the securities regulators and are available online under Eagle's issuer profile at www.sedar.com and on Eagle's website at www.EagleEnergy.com.
2017 Annual General Meeting on June 27, 2017
Eagle will hold an annual general meeting of its shareholders on Tuesday, June 27, 2017 The record date for the meeting is May 23, 2017. Eagle will provide more information in a management information circular to shareholders. The information will reiterate Eagle's business strategy, name the existing directors as nominees for re-election, contain voting recommendations and set out reasons for those recommendations. Eagle has retained Laurel Hill Advisory Group to assist with the solicitation of proxies for the meeting.
Highlights for the Three Months Ended March 31, 2017
Term Loan Financing - $CA 86 million ($US 65 million) - closed March 13, 2017
About Eagle Energy Inc.
Eagle is an oil and gas corporation with shares listed for trading on the Toronto Stock Exchange under the symbol "EGL".
All material information about Eagle may be found on its website at www.EagleEnergy.com
SOURCE: Eagle Energy Inc.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.