Houston Exploration Advises Stockholders to Take No Action at This Time in Response to JANA Partners' Proposal
12 Giugno 2006 - 7:00PM
PR Newswire (US)
HOUSTON, June 12 /PRNewswire-FirstCall/ -- The Houston Exploration
Company (NYSE:THX) advised its stockholders to take no action at
this time in response to an acquisition proposal announced today by
JANA Partners LLC. Consistent with its fiduciary duties and in
consultation with its independent financial advisors and legal
counsel, the Houston Exploration Board of Directors will meet in
due course to review and discuss the JANA proposal and will advise
stockholders of its position. Lehman Brothers Inc. is serving as
financial advisor to Houston Exploration, and Akin Gump Strauss
Hauer & Feld LLP is legal advisor. About Houston Exploration:
The Houston Exploration Company is an independent natural gas and
crude oil producer engaged in the development, exploitation,
exploration and acquisition of natural gas and crude oil
properties. The company's operations are focused in South Texas,
the Arkoma Basin, East Texas, and in the Rocky Mountains. For more
information, visit the company's Web site at
http://www.houstonexploration.com/ . Forward-looking statements:
This news release and oral statements regarding the subjects of
this release contain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, Section 21E of the
Securities Exchange Act of 1934 and the Private Securities
Litigation Reform Act. All statements other than statements of
historical fact included in this press release are forward- looking
statements and reflect the company's current expectations and are
based on current available information and numerous assumptions.
Important factors that could cause actual results to materially
differ from the company's current expectations include, among
others, the business outlook, the impact of onshore asset
concentration, the risks associated with the consummation and
successful integration of acquisitions, the impact of hurricanes,
price volatility, the risk of future writedowns, the impact of
hedging activities, the accuracy of estimates of reserves and
production rates, production and spending requirements, the
inability to meet substantial capital requirements, the market and
other factors for stock repurchases, the constraints imposed by the
company's outstanding indebtedness, the relatively short production
life of the company's reserves, reserve replacement risks, drilling
risks and results, the competitive nature of the industry, and
other risks and factors inherent in the exploration for and
production of natural gas and crude oil discussed in the company's
filings with the Securities and Exchange Commission, including the
company's annual report on Form 10-K for the year ended December
31, 2005. The company assumes no responsibility to update any of
the information referenced in this news release. Contacts: Melissa
R. Aurelio The Houston Exploration Company 713-830-6887 Barrett
Golden / Eric Brielmann Joele Frank, Wilkinson Brimmer Katcher
212-355-4449 DATASOURCE: The Houston Exploration Company CONTACT:
Melissa R. Aurelio of The Houston Exploration Company,
+1-713-830-6887; or Barrett Golden, or Eric Brielmann, both of
Joele Frank, Wilkinson Brimmer Katcher, +1-212-355-4449, for The
Houston Exploration Company Web site:
http://www.houstonexploration.com/
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