Alpine Summit Energy Partners, Inc. announced that its Board of Directors unanimously voted to conclude its previously announced asset sale process, which was being conducted by Stephens Inc. ("Stephens").
Beginning on March 8, 2023, Stephens broadly solicited expressions of interest in a sale of various strategic, highly productive assets recently developed and proven by the Company. After considering several bids, the Company's Board of Directors concluded that the bids were not reflective of the value of the underlying assets and it was therefore not prudent to continue the sales process in the current environment. The impact of a force majeure event, that has since been resolved, constrained production during April and May of 2023 and contributed to this outcome. The Company continues to review and evaluate its strategic options, including financing options, with the intent of maximizing value for its stakeholders. The Company has retained Porter Hedges LLP, Houlihan Lokey Capital, Inc., and Huron Consulting Group to assist with this process. However, there can be no assurance that such review will result in any agreements or transactions, or that, if completed, any agreements or transactions will be successful or on attractive terms.
