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Monday, November 17, 2014

GASFRAC Releases 3rd Quarter Updates

From a GASFRAC press release:
OPERATIONAL AND STRATEGIC UPDATE
  • A Special Committee of independent directors has been formed to oversee a strategic alternative process on behalf of the Corporation.
  • This Special Committee of GASFRAC's Board has engaged CIBC to identify, examine and consider a range of strategic alternatives available to GASFRAC, with a view to enhance and maximize shareholder value. 
  • During the quarter, GASFRAC successfully deployed its HOOD technology and commenced fracturing its first well in the Utica Shale formation.  
  • GASFRAC's Board is continuing to pursue a search for the appointment of a permanent Chief Executive Officer; with an announcement anticipated by the end of second quarter 2015.  
  • GASFRAC is not expected to be compliant with the terms of its Revolving Credit Facility at December 31, 2014, specifically the obligation to maintain a Fixed Charge Coverage Covenant Ratio of 1.15 to 1.00. GASFRAC is working with its lender to resolve the issue.
Click here to read the whole press release.

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