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.