Jones Energy Inc (NYSE:JONE) Evaluating Financing And Strategic Alternatives


Jones Energy Inc (NYSE:JONE) reported that the firm is exploring strategic options and prospects to strengthen its balance sheet. It is working with financial experts in this process. Jonny Jones, the CEO and Chairman, reported that they have reported modifications to their credit facility which will offer for the continued advancement of their Merge assets in 2018. These modifications were a vital measure. However, they consider it is wise to assess additional prospects to strengthen their balance sheet, get additional capital, and enhance the firm’s financial flexibility.

The details

Jones Energy has associated with Credit Suisse to assess financial and strategic alternatives and to help the firm in deciding the most appropriate way to deliver shareholder value. Additionally, Tudor, Holt & Co., Pickering is working with company to assess prospective drilling joint ventures, or DrillCo options, which will allow the continued advancement of its Western Anadarko assets. The firm has obtained interest from potential shareholders in this structure and is associating to advance final proposals.

With respect to its current process, Jones Energy stated that no assurance can be provided as to the result of the process. The firm does not plan to report results of the Board’s assessment unless it decides such disclosures to be appropriate or necessary. Jones Energy marks as an independent natural gas and oil firm engaged in the acquisition and development of natural gas and oil assets in the Anadarko basin of Oklahoma and Texas.

In unrelated news, Jones Energy reported that the firm participated in Capital One Securities Annual Energy Conference in LA. Mike McConnell, the President and Director of company, presented at the conference on December 6, 2017.

In the last trading session, the stock price of Jones Energy declined more than 5% to close the day at $0.8683. The decline came at a share volume of 618,376 compared to average share volume of 1.41 million.