OKLAHOMA CITY -- (Business Wire)
Seventy Seven Energy Inc. (NYSE:SSE) announced today the execution of a
definitive agreement to sell Hodges Trucking Company, L.L.C. to a
wholly-owned subsidiary of Aveda Transportation and Energy Services Inc.
(TSX-V:AVE). Hodges currently operates and owns approximately 900 pieces
of rig moving and heavy haul equipment, including approximately 200 haul
trucks, 400 trailers, 70 bed/pole trucks, 35 cranes, 40
forklifts/loaders and 160 service vehicles.
"Hodges is the premier rig hauling company in North America and this
transaction will allow them to better focus on their business while
enabling us to concentrate on our core business segments,” Chief
Executive Officer Jerry Winchester said.
The transaction, which is expected to close on June 15, 2015, is subject
to a number of standard conditions precedent to closing.
About Seventy Seven Energy Inc.
Headquartered in Oklahoma City, SSE provides a wide range of wellsite
services and equipment to U.S. land-based exploration and production
customers operating in unconventional resource plays. SSE’s services
include drilling, hydraulic fracturing, oilfield rentals and rig
relocation and its operations are geographically diversified across many
of the most active oil and natural gas plays in the onshore U.S.,
including the Anadarko and Permian basins and the Barnett, Eagle Ford,
Haynesville, Marcellus, Niobrara and Utica shales. For additional
information about SSE, please visit our website at www.77nrg.com,
where SSE routinely posts announcements, updates, events, investor
information and presentations and recent news releases.
This news release contains certain statements and information that may
constitute “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. All statements,
other than statements of historical facts that address activities,
events or developments that we expect, believe or anticipate will or may
occur in the future are forward-looking statements. The words “expect,”
“if,” “intend,” “plan,” “estimate,” “project,” “forecasts,” “predict,”
“outlook,” “aim,” “will,” “could,” “should,” “potential,” “would,”
“may,” “probable,” “likely,” and similar expressions, and the negative
thereof, are intended to identify forward-looking statements. Without
limiting the generality of the foregoing, forward-looking statements
contained in this press release specifically include statements,
estimates and projections regarding the sale of Hodges Trucking Company,
L.L.C., our business outlook and plans, and future financial position.
Forward-looking statements are not assurances of future performance.
These forward-looking statements are based on management’s current
expectations and beliefs, forecasts for our existing operations,
experience, and perception of historical trends, current conditions,
anticipated future developments and their effect on us, and other
factors believed to be appropriate. The sale of Hodges Trucking Company,
L.L.C. is subject to closing conditions and may not be completed in the
time frame anticipated or at all. Although management believes that the
expectations and assumptions reflected in these forward-looking
statements are reasonable as and when made, no assurance can be given
that these assumptions are accurate or that any of these expectations
will be achieved (in full or at all). Moreover, our forward-looking
statements are subject to significant risks and uncertainties, many of
which are beyond our control, which may cause actual results to differ
materially from our historical experience and our present expectations
or projections which are implied or expressed by the forward-looking
statements. Important factors that could cause actual results to differ
materially from those in the forward-looking statements include, but are
not limited to, risks relating to economic conditions; volatility of
crude oil and natural gas commodity prices; delays in or failure of
delivery of current or future orders of specialized equipment; the loss
of or interruption in operations of one or more key suppliers or
customers; oil and gas market conditions; the effects of government
regulation, permitting and other legal requirements, including new
legislation or regulation of hydraulic fracturing; operating risks; the
adequacy of our capital resources and liquidity; weather; litigation;
competition in the oil and natural gas industry; and costs and
availability of resources.
For additional information regarding known material factors that could
cause our actual results to differ from our present expectations and
projected results, please see our filings with the U.S. Securities and
Exchange Commission (“SEC”), including our Current Reports on Form 8-K
that we file from time to time, Quarterly Reports on Form 10-Q, and our
2014 Annual Report on Form 10-K filed with the SEC on March 2, 2015.
Readers are cautioned not to place undue reliance on any forward-looking
statement which speaks only as of the date on which such statement is
made. We undertake no obligation to correct, revise or update any
forward-looking statement after the date such statement is made, whether
as a result of new information, future events or otherwise, except as
required by applicable law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150525005042/en/
Contacts:
Seventy Seven Energy Inc.
Bob Jarvis, 405-608-7730
IR@77nrg.com
Source: Seventy Seven Energy Inc.
© 2024 Canjex Publishing Ltd. All rights reserved.