Press Releases
1. Divest all or a portion of the Company's oil and gas assets;
2. Divest its interest in production facilities; and
3. Evaluate strategic alternatives with respect to the disposition of
its 58% owned subsidiary,
The Company has engaged financial advisors to assist the Company in its efforts with respect to these matters.
The Company anticipates that present economic and financial market conditions will affect the timing of any strategic dispositions and may require a degree of patience in order to execute any transactions. As a result, the Company is unable to be specific with respect to a timetable for any disposition, but it intends to aggressively focus on deleveraging its balance sheet through monetization of non-core assets and allocation of free cash flows in order to accelerate its strategic goals. As such, the Company intends to market a broad array of non-core assets in order to reduce debt and lower obstacles to the execution of its strategy.
Consistent with its strategy to divest non-core assets, the Company also
announced today the signing of an Asset Purchase Agreement to sell its
17.5% non-operating working interest in its Bass Lite field in the Gulf
of
This press release contains forward-looking statements that involve
risks, uncertainties and assumptions that could cause our results to
differ materially from those expressed or implied by such
forward-looking statements. All statements, other than statements of
historical fact, are statements that could be deemed "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, including, without limitation, any projections of
revenue, gross margin, expenses, earnings or losses from operations, or
other financial items; future production volumes, results of
exploration, exploitation, development, acquisition and operations
expenditures, and prospective reserve levels of property or wells; any
statements of the plans, strategies and objectives of management for
future operations; any statement concerning developments, performance or
industry rankings; any statements regarding future economic conditions
or performance; any statements of expectation or belief; and any
statements of assumptions underlying any of the foregoing. The risks,
uncertainties and assumptions referred to above include the performance
of contracts by suppliers, customers and partners; employee management
issues; complexities of global political and economic developments;
geologic risks and other risks described from time to time in our
reports filed with the
CONTACT:
Chief Financial Officer
Tony Tripodo, 281-618-0400
www.HelixESG.com
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