AUSTIN, Texas, Jan. 10, 2020 /PRNewswire/ -- Parsley Energy,
Inc. (NYSE: PE) ("Parsley," or "Parsley Energy") today announced
that it has completed its acquisition of Jagged Peak Energy Inc.
(NYSE: JAG) ("Jagged Peak"). The acquisition was previously
approved by Parsley shareholders at a special meeting held
on January 9, 2020, where more than 99.5% of the votes cast by
Parsley stockholders were voted in favor of the proposal to issue
Parsley common stock to the holders of Jagged Peak common stock as
consideration for the acquisition.
Acquisition Details
At the effective time of the acquisition, each share of Jagged
Peak common stock was converted into the right to receive 0.447
shares of Parsley Class A common stock. As a result of the
transaction, Jagged Peak common stock will no longer be listed
for trading on NYSE, and Jagged Peak will suspend its
reporting obligations under the Securities Exchange Act of
1934.
In connection with the closing of the transaction, Parsley
announced the appointment of S. Wil VanLoh,
Jr. and Jim Kleckner to its
Board of Directors. Mr. VanLoh is the Founder and Chief Executive
Officer of Quantum Energy Partners and formerly served as a Jagged
Peak director. Mr. Kleckner was formerly President and Chief
Executive Officer of Jagged Peak and also served as a Jagged Peak
director.
Management Commentary
"We first publicly announced our proposed combination with
Jagged Peak less than ninety days ago," said Matt Gallagher, Parsley's President and CEO.
"This collective expediency to closing allows our team to hit the
ground running on these complementary, high margin assets and start
capturing tangible synergies that will enhance value for our
combined shareholder base. Execution will continue to speak louder
than words, and our integration efforts will retain the sense of
urgency and accountability that defined our successful 2019 action
plan. Ultimately, we expect that the culmination of this hard work
will be a more capital efficient enterprise with more free cash
flow. Finally, I am excited to formally welcome Wil and Jim to our
Board. I believe the Company and our shareholders will be well
served by their sound financial acumen, considerable experience,
and extensive network of industry contacts."
About Parsley Energy, Inc.
Parsley Energy, Inc. is an independent oil and natural gas
company focused on the acquisition, development, exploration, and
production of unconventional oil and natural gas properties in the
Permian Basin. For more information, visit Parsley's website at
www.parsleyenergy.com.
Cautionary Statements Regarding Forward Looking
Statements
The foregoing contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All
statements, other than statements of historical fact, included in
this press release that address activities, events or developments
that Parsley expects, believes or anticipates will or may occur in
the future are forward-looking statements. Forward-looking
statements contained in this press release specifically include
statements relating to benefits of the acquisition of Jagged Peak.
The words "estimate," "project," "predict," "believe," "expect,"
"anticipate," "potential," "could," "may," "foresee," "plan,"
"will," "guidance," "outlook," "goal" or other similar expressions
that convey the uncertainty of future events or outcomes are
intended to identify forward-looking statements, which generally
are not historical in nature. However, the absence of these words
does not mean that the statements are not forward-looking. These
statements are based on certain assumptions and analyses made by
Parsley based on management's experience, expectations and
perception of historical trends, current conditions, anticipated
future developments and other factors believed to be appropriate.
Forward-looking statements are not guarantees of performance.
Although Parsley believes the expectations reflected in its
forward-looking statements are reasonable and are based on
reasonable assumptions, no assurance can be given that these
assumptions are accurate or that any of these expectations will be
achieved (in full or at all) or will prove to have been correct.
Moreover, such statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond Parsley's
control, which may cause actual results to differ materially from
those implied or expressed by the forward-looking statements. These
include the risk factors discussed or referenced in Parsley's most
recent Annual Report on Form 10-K and other filings with
the SEC. Any forward-looking statement speaks only as of the date
on which such statement is made, and Parsley undertakes no
obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
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SOURCE Parsley Energy, Inc.
