ASCENT RESOURCES, LLC ANNOUNCES FINAL RESULTS AND EXPIRATION OF TENDER OFFER TO PURCHASE UP TO $25 MILLION OF ITS COMMON UNITS

OKLAHOMA CITY, Jan. 21, 2025 /PRNewswire/ -- Ascent Resources, LLC ("Ascent" or the "Company") announced today the final results and expiration of its previously announced "unmodified reverse Dutch auction" tender offer (the "Tender Offer") to purchase for cash up to $25 million of the Company's Series A units and Series B units (collectively, the "Common Units") at a price per Common Unit not greater than $23.75, subject to applicable withholding and without interest. The Tender Offer was made subject to certain terms and conditions as described in the offer to purchase, dated as of December 17, 2024, and the related letter of transmittal.

As of 5:00 p.m. ET on January 20, 2025 (the "Expiration Time"), valid tenders have been delivered with respect to a total of 2,436,939 Common Units. The Company has accepted for purchase a total of 1,225,908 Common Units at prices ranging from $7.50 to $23.06 per Common Unit (the "Purchase Prices") for an aggregate Purchase Price of $25 million. The Company will pay the applicable Purchase Prices in cash, subject to applicable withholding and without interest, promptly after the Expiration Time (the "Settlement"), to unitholders whose Common Units were accepted for purchase pursuant to the Tender Offer. The Company will use cash on hand and/or borrowings available under the senior secured reserve-based revolving credit facility of its wholly owned subsidiary, Ascent Resources Utica Holdings, LLC, to fund the Settlement.

About Ascent Resources

Ascent is one of the largest private producers of natural gas in the United States and is focused on acquiring, developing, and operating natural gas and oil properties located in the Utica Shale in southern Ohio. With a continued focus on good corporate citizenship, Ascent is committed to delivering cleaner burning, affordable energy to our country and the world, while reducing environmental impacts.

Forward-Looking and Cautionary Statements

This press release contains "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical fact, included in this press release regarding, among other things, the timing of the Settlement, are forward-looking statements. When used in this press release, the words "could," "should," "will," "believe," "anticipate," "intend," "estimate," "expect" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on current expectations, estimates, forecasts and projections as well as the current beliefs and assumptions of management.

Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control, including, but not limited to, market risks and uncertainties, including those which might affect the Settlement of the Tender Offer. Should one or more of these risks or uncertainties occur, or should any underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.

Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.

Contacts: 
Chris Benton
Vice President – Finance and Investor Relations
Phone: 405-252-7850
Email: chris.benton@ascentresources.com

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SOURCE ASCENT RESOURCES, LLC