Over the course of the last three months, Eclipse Resources has entered into discussions with several parties to explore the possibility of entering into a drilling joint venture on Eclipse’s current acreage position. After completing a thorough review and analysis of the potential options available and receiving numerous proposals, Eclipse Resources does not intend to enter into such an arrangement at this time.
Commenting on the joint venture process undertaken by the Company, Benjamin Hulburt, Chairman and CEO said, “While there was significant interest in forming such a venture from numerous parties, we have concluded that the more accretive course of action is not to enter into a drilling joint venture at this time. Given Eclipse Resource’s strong liquidity position following the completion of the $434 million private placement coupled with the currently undrawn $125 million revolver, we have decided to continue to develop our strong asset base ourselves until commodity prices recover.”
