Ellora Energy Inc., a Boulder, Colo.-based oil and gas company backed by Yorktown Energy Partners, has hired Bank of America Merrill Lynch to help it explore strategic alternatives. Earlier this year the company re-filed its IPO plans after withdrawing registration without giving a reason. It plans to trade on the Nasdaq, with Merrill Lynch and Raymond James serving as co-lead underwriters.
Ellora Energy Inc. today announced that it is exploring a broad range of strategic alternatives to further enhance shareholder value, including, but not limited to, a sale or merger of the Company or the sale of all or a substantial part of its assets. The Company further announced that in support of its consideration of strategic alternatives, it has retained Bank of America Merrill Lynch to evaluate and advise the Board of Directors regarding strategic alternatives.
The Company further stated that there can be no assurance that the review of strategic alternatives will result in the Company pursuing any particular transaction, or, if it pursues any such transaction, that it will be completed. The Company does not expect to make further public comment regarding the review until the Board of Directors has approved a specific transaction or otherwise deems disclosure of significant developments is appropriate.
About Ellora Energy Inc.
Ellora Energy Inc. is an independent oil and gas exploration and production company headquartered in Boulder, Colorado. Ellora has oil and gas assets principally located in southwestern Kansas in the Hugoton Field area and in East Texas/Louisiana in the James Lime and Haynesville Shale plays.
Statements regarding the evaluation of strategic alternatives, any transaction, including the timing or effects thereof, change in or continuation of the current business plan, increase in stockholder value, as well as any other statements that are not historical facts in this press release are forward-looking statements. Such forward-looking statements are based on current expectations and actual results or future events may differ materially. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results of the Company or future events to differ materially from those expressed in or underlying such forward-looking statements, including without limitation: results of the Board’s evaluation of strategic alternatives; the ability to obtain Board and stockholder approvals of any proposed transaction; customary conditions to the closing of any proposed transaction; national and local economic, business, energy industry and other market conditions; the competitive environment in which the Company operates; the execution of the Company’s business plan; financing risks; acquisition and location development risks; potential environmental and other liabilities; and other factors affecting the energy industry generally. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. Except as otherwise stated in this press release, the Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.
SOURCE Ellora Energy Inc.