Eclipse Resources Corp. launched a review process of possible strategic, operational and financial alternatives aimed at boosting the company's shareholder value.
Eclipse does not guarantee that the strategic review would end in a transaction or other actions, and there is no set timetable for the process, according to a March 26 news release. Also, the company is not pursuing the strategic review because of a deal proposal.
"Despite the challenging environment facing our industry over the last several years, our Company has made significant progress in increasing the scale of our assets, improving well performance, decreasing operational costs and increasing asset level returns," said Benjamin Hulburt, president and CEO of Eclipse. "We are proud of what we have accomplished and believe now is an appropriate time to explore alternatives to continue increasing shareholder value."
Jefferies LLC is serving as Eclipse's financial adviser, and Norton Rose Fulbright US LLP is acting as the legal counsel for the evaluation.