CALGARY, Jan. 17, 2019 /CNW/ - Jupiter Resources Ltd. and its affiliates (collectively, "Jupiter" or the "Company") announced today that its newly appointed Board of Directors has approved a $190 – 210 million capital program for 2019 weighted approximately two-thirds to the second half of the year. The 2019 program balances the importance of achieving profitable returns and preserving both liquidity and long-term flexibility. New capital investment is focused on Jupiter's liquids-rich natural gas properties in Resthaven and Kakwa as well as some allocation to infrastructure that will support the longer-term development of Jupiter's Wolf Creek asset.
Recapitalization Transaction Completed
Jupiter completed the Recapitalization Transaction as planned, effective December 19th, 2018. As a result, Jupiter's total leverage is now less than 1.5x 2018 trailing EBITDA.
"I want to convey my gratitude to all of you that invested in Jupiter, and particularly those of you who have stayed with us over the years and supported our team and this transaction. We do not take your support for granted and appreciate the faith you have placed in us and our business. We will continue to work hard to generate the best results for Jupiter and all its stakeholders", stated Jupiter's CEO, Simon Bregazzi.
"We intend to pursue a more dynamic business strategy going forward and with the completion of this transaction we begin the next chapter from a position of strength with a healthy balance sheet. We will continue to be champions of the Canadian natural gas sector, which is an important supplier to North America's energy needs", added Simon.
Board of Directors
In addition, Jupiter announced that the following people have accepted positions on Jupiter's board of directors: Rakesh Wilson (Chairman), Wilson B. Handler, Robert A. Pearce, Eugene I. Davis and Simon Bregazzi.
Rakesh is a Senior Partner at Apollo Private Equity and is focused on the firm's natural resources activities. Prior to joining Apollo, he was with Morgan Stanley's Commodities Department in the principal investing group responsible for generating, evaluating and executing investment ideas across the energy sector. Rakesh began his career at Goldman Sachs in equity research and then moved to its investment banking division in New York and Asia. He currently serves on the boards of directors of CSV Midstream Solutions, EP Energy and Express Energy Services.
Wilson is a Principal of Apollo Private Equity and joined the firm in 2011. Prior to that, Wilson was an investment professional at First Reserve, where he was involved in the execution and monitoring of investments in the energy sector. Previously, he worked in the Investment Banking Division at Lehman Brothers in the Natural Resources group. Currently, Wilson serves on the boards of directors of EP Energy, Resource Energy, American Petroleum Partners and CSV Midstream Solutions.
Robert (Rob) has over 25 years of technical and business experience in the energy industry through his former roles as CFO of Sunshine Oilsands and E-T Energy, the COO of Harvest Operations (owned by Korea National Oil Corporation), CEO and co-founder of North West Upgrading, and Treasurer of PanCanadian Energy. Rob has been an independent director of ATB Financial since 2014 and is the Chair of Prospect Human Services.
Eugene (Gene) has been the Chairman and CEO of Pirinate Consulting Group, LLC since 1999, a privately-held consulting firm. Prior to founding Pirinate Consulting, Gene served as Chief Operating Officer of Total-Tel Communications, Inc., Vice Chairman and CEO of Sport Supply Group, Inc. and Vice Chairman and President of Emerson Radio Corporation (all public companies). Gene is a Member of the Board of Visitors at Columbia College.
Simon Bregazzi has been Jupiter's CEO since he co-founded the company in 2014. From 2009 until January 2014, Simon was the Chief Financial Officer of Canbriam Energy. Prior to that, he was Managing Director and Head of Canadian Energy Investment Banking at Goldman Sachs from 2005 to 2009.
Jupiter's 2019 corporate guidance document and an updated corporate presentation have been posted to the Company website.
Jupiter is an independent Calgary-based energy company with an operations office in Grande Cache, Alberta. The Company is focused on the acquisition, development and production of unconventional liquids-rich natural gas properties in the Western Canadian Sedimentary Basin. For more information visit: www.jupiterresources.com.
Forward Looking Statements
Certain information set forth in this release contains forward-looking statements, which are provided to allow investors to better understand our business. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Jupiter's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve and resource estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management and services, stock market volatility, changes in environmental regulations, tax laws and royalties and the ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Jupiter's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements, or if any of them do so, what benefits that Jupiter will derive therefrom. Jupiter disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Jupiter Resources Ltd.
For further information: Investor Contact: Ryder McRitchie, Vice President, Capital Markets & Public Relations, firstname.lastname@example.org, 587-747-2649