Frank’s International to Exhibit the Blackhawk SKYHOOK™ at OTC 2017

HOUSTON, April 27, 2017 (GLOBE NEWSWIRE) — Frank’s International N.V. (NYSE:FI) (Frank’s) will demonstrate the SKYHOOK™ Wireless Cement Line Make Up Device May 1-4, 2017, in Booth 1127 at the NRG Center as part of the 2017 Offshore Technology Conference (OTC 2017) taking place in Houston, Texas. The SKYHOOK™ is an award-winning, revolutionary solution for remotely connecting high pressure pumping lines during cementing operations, improving both safety and efficiency. Live technical presentations will take place at 1:30 p.m. each day of the exhibition in the Frank’s booth (1127).

The SKYHOOK™ eliminates the need for hands-on intervention high in the derrick during cementing operations, which increases efficiency and eliminates the dangerous potential for falls. When using the SKYHOOK™, operational flow-line make up time is reduced from half an hour to mere minutes and cementing operations can continue in even extreme weather conditions. In October 2016, the SKYHOOK™ was awarded the New Technology of the Year Award at the Texas Oil and Gas Awards, following its first field deployment in September 2016 in the Gulf of Mexico.

The SKYHOOK™ was patented and developed by Blackhawk Specialty Tools (Blackhawk) and is part of a technologically-advanced specialty cementing suite of products that complements the Frank’s tubular running services portfolio, allowing Frank’s to offer customers integrated well construction solutions, as well as well intervention and completions solutions, across land, shelf, and deepwater applications.

In addition to the SKYHOOK™, Frank’s will highlight proprietary drilling technologies that help optimize the drilling practice in extended reach wells, while preventing failures, reducing overall costs, and preserving well integrity. These include the patented Harmonic Isolation Tool (HI Tool®), and the Drill String Torque Reducer (DSTR™) sub. Frank’s non-marking Fluid Grip® tong will also be featured.

OTC was founded in 1969, and is widely acknowledged as the largest annual oil and gas industry event in the world, attracting attendees from 100 countries.

“OTC offers a valuable opportunity to showcase our latest technologies to a knowledgeable industry audience,” remarked Frank’s President and CEO Douglas Stephens. “This year, we are proud to feature new solutions that not only facilitate the most complex completions, but save time and money while enhancing safety on the rig.”

About Frank’s International

Frank’s International, N.V. is a global oil services company that focuses on complex and technically demanding wells by providing a broad and comprehensive range of highly engineered tubular running services, tubular fabrication, and specialty well construction and well intervention solutions. Founded in 1938, Frank’s International has approximately 3,000 employees and provides services to exploration and production companies in onshore and offshore environments in approximately 60 countries on six continents. Frank’s International common stock is traded on the NYSE under the symbol “FI.”  Additional information is available on www.franksinternational.com.

CONTACT: Contact:
Blake Holcomb – Director, Investor Relations and Communications
blake.holcomb@franksintl.com
713-231-2463



U.S. Geothermal Inc. Provides Update on Raft River Expansion Program

BOISE, Idaho, April 27, 2017 (GLOBE NEWSWIRE) — U.S. Geothermal Inc. (the “Company”) (NYSE MKT:HTM), a leading and profitable renewable energy company focused on the development, production, and sale of electricity from geothermal energy, is pleased to provide an update on its Raft River expansion project.

Phase II of the ongoing plan to increase the output at Raft River from its current generation level of 10 MWs, up to its contract maximum of 13 MWs, commenced in March with the successful installation of the pump in well RRG-5.  Production from RRG-5 started on March 21, 2017 and is currently operating at the rate of 1,100 gallons per minute.  The addition of this flow to the plant has increased net power production by approximately 0.71 MWs. 

“We are pleased to report success from this initial step of work at Raft River, and we expect to have additional increases in generation over the quarter as we upgrade downstream equipment,” said Douglas Glaspey, President and COO.  “We remain optimistic that the positive results at Raft River, coupled with our ongoing hybrid cooling efforts at Neal Hot Springs will move us toward our short-term goal of increasing generation from our existing projects.”

To date, the reservoir response has been significantly better than projected, with minimal drawdown in well RRG-5 and no impact to water level in the adjoining wells.  The well temperature is currently stable at over 247°F.   The next step to optimize output from the wellfield is to increase the capacity of the injection system. After an injection pump is upgraded, a further increase in fluid flow to the plant is expected, which will result in a corresponding increase in generation, plus allow for additional production well increases.   

About U.S. Geothermal Inc.:
U.S. Geothermal Inc. is a leading and profitable renewable energy company focused on the development, production and sale of electricity from geothermal energy. The Company is currently operating geothermal power projects at Neal Hot Springs, Oregon, San Emidio, Nevada and Raft River, Idaho for a total power generation of approximately 45 MWs. The Company is also developing an additional estimated 115 MWs of projects at: the Geysers, California; a second phase project at San Emidio, Nevada; at Crescent Valley, Nevada; and the El Ceibillo project located near Guatemala City, Guatemala.  U.S. Geothermal’s growth goal is to reach over 200 MWs of generation by 2021 through a combination of internal development and strategic acquisitions.

FOR ADDITIONAL INFORMATION PLEASE CONTACT:
Scott Anderson – Director of Investor Relations and Corporate Communications
U.S. Geothermal Inc.
Tel:  208-424-1027
Fax: 208-424-1030
sanderson@usgeothermal.com

Please visit our Website at: http://www.usgeothermal.com

The information provided in this news release may contain forward-looking statements within the definition of the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995.  Readers are cautioned to review the risk factors identified by the company in its filings with US and Canadian securities agencies. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance, development schedules or estimated resources of U.S. Geothermal, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. These forward-looking statements may include statements regarding perceived merit of properties; interpretation of the results of well tests; project development; resource megawatt capacity; capital expenditures; timelines; strategic plans; or other statements that are not statements of fact. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from U.S. Geothermal’s expectations include the uncertainties involving the availability of financing in the debt and capital markets; uncertainties involved in the interpretation of results of well tests; the need for cooperation of government agencies in the development and operation of properties; the need to obtain permits and governmental approvals; risks of construction; unexpected cost increases, which could include significant increases in estimated capital and operating costs; and other risks and uncertainties disclosed in U.S. Geothermal’s Annual Report on Form 10-K for the year ended December 31, 2016 filed with the United States Securities and Exchange Commission and Canadian securities regulatory authorities and in other U.S. Geothermal reports and documents filed with applicable securities regulatory authorities from time to time. Forward-looking statements are based on management’s expectations, beliefs and opinions on the date the statements are made.  U.S. Geothermal Inc. assumes no obligation to update forward-looking statements if management’s expectations, beliefs, or opinions, or other factors, should change.

The NYSE MKT does not accept responsibility for the adequacy of this release.




Franklin Electric Reports First Quarter 2017 Sales and Earnings

FORT WAYNE, Ind., April 27, 2017 (GLOBE NEWSWIRE) — Franklin Electric Co., Inc. (NASDAQ:FELE) reported first quarter 2017 GAAP fully diluted earnings per share (EPS) of $0.33, versus a GAAP fully diluted EPS in the first quarter 2016 of $0.28, an increase of 18 percent.  First quarter 2017 sales were $220.3 million, an increase of 1 percent compared to 2016 first quarter sales of $218.4 million.  The Company’s organic sales growth was 1 percent as the impact of foreign currency translation was not significant.

Gregg Sengstack, Franklin Electric’s Chairman and Chief Executive Officer, commented:

“We are pleased to report increased sales and earnings for the first quarter.  Our Fueling Systems segment achieved record first quarter sales and earnings and posted organic sales growth of 9 percent and our Water business outside the U.S. and Canada grew organically as well, with particularly strong results in Latin America.  Gross profit and gross profit margins both improved over the first quarter 2016.  Despite these improvements, our operating income declined in the quarter due to higher marketing and selling costs.  During the first quarter, we recognized discrete tax benefits that more than offset the operating income decline and allowed us to achieve an 18 percent increase in EPS.”

Key Performance Indicators:

               
  Net Sales
  United States Latin Europe, Middle Asia Total    
(in millions) & Canada America East & Africa Pacific Water Fueling Consolidated
               
Q1 2016 $77.6   $27.1   $42.8   $21.3   $168.8   $49.6   $218.4  
Q1 2017 $71.5   $33.3   $40.9   $21.5   $167.2   $53.1   $220.3  
Change   ($6.1)   $6.2     ($1.9)   $ 0.2     ($1.6)   $3.5   $1.9  
% Change   -8%     23%     -4%     1%     -1%     7%     1%  
               
Foreign currency translation $0.0   $3.2     ($2.5)   $0.1   $0.8     ($0.8)   $0.0  
% Change   0%     12%     -6%     0%     0%     -2%     0%  
               
Volume/Price   ($6.1 ) $3.0   $0.6   $0.1     ($2.4 ) $4.3   $1.9  
% Change   -8%     11%     2%     1%     -1%     9%     1%  

 

Operating Income and Margins           
Before and After Restructuring Expenses          
(in millions)   For the First Quarter 2017
    Water Fueling Other Consolidated
Reported Operating Income / (Loss)   $ 21.4   $ 11.0   $ (13.9 ) $ 18.5  
% Operating Income To Net Sales     12.8%     20.7%       8.4%  
           
Restructuring   $ 0.3   $   $   $ 0.3  
           
Operating Income/(Loss) before Restructuring Expenses   $ 21.7   $ 11.0   $ (13.9 ) $ 18.8  
% Operating Income to Net Sales Before Restructuring     13.0%     20.7%       8.5%  
           
Operating Income and Margins           
Before and After Restructuring Expenses          
(in millions)   For the First Quarter 2016
    Water Fueling Other Consolidated
Reported Operating Income / (Loss)   $ 24.2   $ 10.2   $ (13.3 ) $ 21.1  
% Operating Income To Net Sales     14.3%     20.6%       9.7%  
           
Restructuring   $ 0.4   $ 0.4   $   $ 0.8  
           
Operating Income/(Loss) before Restructuring Expenses   $ 24.6   $ 10.6   $ (13.3 ) $ 21.9  
% Operating Income to Net Sales Before Restructuring     14.6%     21.4%       10.0%  
           

Water Systems

Water Systems sales were $167.2 million in the first quarter 2017, a decrease of $1.6 million or about 1 percent versus the first quarter 2016 sales of $168.8 million.  Water Systems organic sales were also down about 1 percent compared to the first quarter 2016.

Water Systems sales in the U.S. and Canada were down about 8 percent compared to the prior year first quarter. On April 10, 2017, the Company announced the acquisition of three distribution companies in the U.S. groundwater market.  Groundwater sales declined about $7 million, of which approximately $6 million is attributable to the decision by the leadership of the acquired distribution companies to reduce their holdings of Franklin Electric inventory in anticipation of the acquisitions.

Outside of the sales to the acquired distribution companies, U.S. and Canada sales of groundwater pumping equipment were down about 4 percent due to higher channel inventory levels from significant fourth quarter 2016 purchases and to a lesser extent, adverse weather, especially in the West.  U.S. and Canada sales of dewatering equipment increased by 12 percent in the first quarter when compared to the prior year and sales of other surface pumping equipment declined by 3 percent.

Water Systems sales in markets outside the U.S. and Canada experienced overall growth of about 5 percent, of which about 1 percent was attributable to the impact of foreign currency translation.  International Water Systems sales growth was led by improved sales in the Latin American region which had organic sales growth of 11 percent, after excluding the impact of foreign currency translation. Sales in Europe, the Middle East, Africa and Asia Pacific markets also grew organically in the quarter compared to last year excluding the impact of foreign currency translation.

Water Systems operating income was $21.4 million in the first quarter 2017, down $2.8 million or 12 percent versus the first quarter 2016 and operating income margin was 12.8 percent, a decline of 150 basis points from 14.3 percent in the first quarter 2016. Water Systems first quarter 2017 operating income and operating income margins before restructuring expenses were $21.7 million and 13.0 percent respectively.  The decline in Water Systems operating income and operating income margin is primarily attributed to lower sales volume and higher marketing and selling expenses.

Fueling Systems

Fueling Systems sales were $53.1 million in the first quarter 2017, an increase of $3.5 million or about 7 percent versus the first quarter 2016 sales of $49.6 million.  Fueling Systems sales decreased by $0.8 million or about 2 percent in the quarter due to foreign currency translation. Fueling Systems sales increased about 9 percent, after excluding foreign currency translation. 

Fueling Systems sales in the U.S. and Canada grew by about 7 percent during the quarter.  The increase was primarily in pumping and fuel management systems.  Outside of the U.S. and Canada, Fueling Systems revenues also grew by about 7 percent, led by stronger sales in Asia Pacific, especially China.  This growth was partially offset by a sales decline in Latin America.

Fueling Systems operating income was $11.0 million in the first quarter of 2017, up $0.8 million or about 8 percent compared to $10.2 million in the first quarter of 2016 and the first quarter operating income margin was 20.7 percent, an increase of 10 basis points from the 20.6 percent of net sales in the first quarter of 2016.

Overall

The Company’s consolidated gross profit was $75.8 million for the first quarter of 2017, an increase of $1.6 million, or about 2 percent, from the first quarter of 2016 gross profit of $74.2 million. The gross profit as a percent of net sales was 34.4 percent in the first quarter of 2017 and increased about 40 basis points versus 34.0 percent during the first quarter 2016.  The gross profit margin increase was primarily due to favorable pricing and lower direct material costs, partially offset by higher fixed costs.

Selling, general, and administrative (SG&A) expenses were $57.0 million in the first quarter of 2017 compared to $52.3 million in the first quarter of the prior year, an increase of $4.7 million or about 9 percent.  Sales related support cost, including marketing and selling related expenses, increased by about $3.3 million and transaction and other costs associated with the recently acquired distribution companies were about $0.8 million. 

The Company realized discrete income tax benefits related to foreign net operating losses and currency exchange losses in the first quarter of 2017 which lowered the consolidated effective tax rate to about 1 percent.  The effective tax rate in the first quarter 2016 was about 27 percent.

The Company ended the first quarter of 2017 with a cash balance of about $71 million versus about $104 million at the end of 2016, down due primarily to increased inventory.  Inventory levels at the end of the first quarter 2017 were $236 million versus year end 2016 of $203 million. The inventory increase is primarily due to seasonal demand and due to lower than anticipated sales of groundwater pumping equipment in the U.S. and Canada markets.

Commenting on the outlook, Mr. Sengstack said:

“Despite the slow start in the U.S. and Canada groundwater markets, we remain positive about the balance of 2017 and our ability to achieve organic top line growth in the five to seven percent range for our pre-acquisition segments.  This growth allows us to reaffirm our 2017 adjusted earnings per share guidance range of $1.77 to $1.87.

As we had previously announced on April 10, our forward integration into distribution in the U.S. through the creation of the Headwater Distribution segment is a logical next step for Franklin Electric to serve and grow in the U.S. groundwater market.  We will begin reporting results for the new segment in the second quarter 2017.”

A conference call to review earnings and other developments in the business will commence at 9:00 am EDT.  The first quarter 2017 earnings call will be available via a live webcast.  The webcast will be available in a listen only mode by going to:

http://edge.media-server.com/m/p/e89s6nuj

If you intend to ask questions during the call, please dial in using 877.643.7158 for domestic calls and 914.495.8565 for international calls.  The conference ID is: 5094619.

A replay of the conference call will be available Thursday, April 27, 2017 at 12:00 noon EDT through midnight EDT on Thursday, May 4, 2017, by dialing 855.859.2056 for domestic calls and 404.537.3406 for international calls.  The replay passcode is: 5094619.

Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and fuel. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications.

 
FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
       
(In thousands, except per share amounts)      
       
  First Quarter Ended
  March 31,   April 2,
    2017       2016  
       
Net sales $ 220,252     $ 218,430  
       
Cost of sales   144,436       144,194  
       
Gross profit   75,816       74,236  
       
Selling, general, and administrative expenses   56,991       52,345  
       
Restructuring expense   315       820  
       
Operating income   18,510       21,071  
 
Interest expense   (3,514 )     (2,427 )
Other income/(expense), net   667       (32 )
Foreign exchange income/(expense)   475       (77 )
       
Income before income taxes   16,138       18,535  
       
Income tax expense   204       4,955  
       
Net income $ 15,934     $ 13,580  
       
Less:  Net income attributable to noncontrolling interests   (204 )     (123 )
       
Net income attributable to Franklin Electric Co., Inc. $ 15,730     $ 13,457  
       
Income per share:      
Basic $ 0.33     $ 0.28  
Diluted $ 0.33     $ 0.28  
       

FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
       
(In thousands)      
       
  March 31,   December 31,
    2017     2016
ASSETS      
       
Cash and equivalents $ 70,651   $ 104,331
Receivables   154,701     145,999
Inventories   235,724     203,471
Other current assets   33,803     30,018
Total current assets   494,879     483,819
       
Property, plant, and equipment, net   197,412     196,137
Goodwill and other assets   362,989     359,949
Total assets $ 1,055,280   $ 1,039,905
       
       
LIABILITIES AND EQUITY      
       
Accounts payable $ 69,042   $ 63,927
Accrued expenses and other current liabilities   46,667     60,119
Current maturities of long-term debt and short-term borrowings   33,783     33,715
Total current liabilities   149,492     157,761
       
Long-term debt   156,170     156,544
Deferred income taxes   42,067     40,460
Employee benefit plans   43,527     45,307
Other long-term liabilities   18,367     17,093
 
Redeemable noncontrolling interest   7,849     7,652
       
Total equity   637,808     615,088
Total liabilities and equity $ 1,055,280   $ 1,039,905
       

FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)      
  March 31,   April 2,
    2017       2016  
Cash flows from operating activities:      
Net income $ 15,934     $ 13,580  
Adjustments to reconcile net income to net      
cash flows from operating activities:      
Depreciation and amortization   8,924       8,752  
Share-based compensation   2,941       2,539  
Other   (1,879 )     1,709  
Changes in assets and liabilities:      
Receivables   (6,560 )     (20,609 )
Inventory   (29,661 )     (8,884 )
Accounts payable and accrued expenses   (10,539 )     (3,649 )
Other   (3,731 )     6,125  
       
Net cash flows from operating activities   (24,571 )     (437 )
       
Cash flows from investing activities:      
Additions to property, plant, and equipment   (4,908 )     (11,153 )
Proceeds from sale of property, plant, and equipment   34       185  
Other investing activities   (7 )      
       
Net cash flows from investing activities   (4,881 )     (10,968 )
       
Cash flows from financing activities:      
Change in debt   (460 )     11,789  
Proceeds from issuance of common stock   481       411  
Excess tax from share-based payment arrangements         53  
Purchases of common stock   (665 )     (4,175 )
Dividends paid   (4,668 )     (4,506 )
Net cash flows from financing activities   (5,312 )     3,572  
       
Effect of exchange rate changes on cash   1,084       914  
Net change in cash and equivalents   (33,680 )     (6,919 )
Cash and equivalents at beginning of period   104,331       81,561  
Cash and equivalents at end of period $ 70,651     $ 74,642  
 

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases,  raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2016, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statement. 

CONTACT: Contact: 
John J. Haines
Franklin Electric Co., Inc.
260-824-2900



Midstates Petroleum Schedules First Quarter 2017 Earnings Release and Conference Call

TULSA, Okla., April 27, 2017 (GLOBE NEWSWIRE) — Midstates Petroleum Company, Inc. (NYSE MKT:MPO) (“Midstates” or the “Company”) today announced that its first quarter 2017 earnings release will be issued on Monday, May 8, after the close of trading on the NYSE MKT. The Company will host a conference call to discuss first quarter results the following morning, Tuesday, May 9 at 11:00 a.m. Eastern time (10:00 a.m. Central time).

Participants may join the conference call by dialing (877) 645-4610 (for U.S. and Canada) or (707) 595-2723 (International). The conference call access code is 15297042 for all participants. To listen via live web cast, please visit the Investor Relations section of the Company’s website, www.midstatespetroleum.com.

An audio replay of the conference call will be available approximately two hours after the conclusion of the call. The audio replay will remain available until midnight on June 9 and can be accessed by dialing (855) 859-2056 (for U.S. and Canada) or (404) 537-3406 (International). The conference call audio replay access code is 15297042 for all participants. The audio replay will also be available in the Investors section of the Company’s website approximately two hours after the conclusion of the call and remain available for approximately 30 calendar days.

About Midstates Petroleum Company, Inc.

Midstates Petroleum Company, Inc. is an independent exploration and production company focused on the application of modern drilling and completion techniques in oil and liquids-rich basins in the onshore U.S. The Company’s operations are currently focused on oilfields in the Mississippian Lime play in Oklahoma and the Anadarko Basin in Texas and Oklahoma.

CONTACT: Contact:
Midstates Petroleum Company, Inc.

Jason McGlynn, Investor Relations, (918) 947-4614
Jason.McGlynn@midstatespetroleum.com



Energy XXI Gulf Coast Provides Preliminary Results of March 31, 2017 Independent Reserve Engineer Report

HOUSTON, April 27, 2017 (GLOBE NEWSWIRE) — Energy XXI Gulf Coast, Inc. (“EGC” or the “Company”) (NASDAQ:EXXI) today provided preliminary results of its third-party independent reserve engineer report as of March 31, 2017 that is being prepared by Netherland Sewell and Associates, Inc. (NSAI).  The final report is expected to be delivered during the week of May 8, 2017.  In recent years, the Company had utilized third-party engineers to audit its internal calculations of reserves, but has not had a fully-engineered third-party report prepared since 2012.  The Company previously disclosed that under the terms of its First Lien Exit Credit Agreement, a third party engineer report would be required annually, with the first report due by May 31, 2017. The last internally-prepared report was done as of December 31, 2016. 

Total SEC proved reserves as of March 31, 2017 in the report being prepared by NSAI are expected to be in the range of 100 to 115 million barrels of oil equivalent.  This preliminary estimate of total SEC proved reserves as of March 31, 2017 compared with the reserves reported as of year-end 2016 reflects the impact of production during the first quarter of 2017, changes in commodity pricing since year-end 2016, and the Company’s expectations with respect to higher capital costs, increased lease operating expenses, repairs, maintenance and workover costs.  Proved reserves as of March 31, 2017 based on forward strip commodity pricing on that date is estimated to be in the range of 105 to 125 million barrels of oil equivalent.

The present value of the preliminary March 31, 2017 proved reserves discounted at 10% (“PV-10 Value”) is estimated to be in the range of zero PV-10 to $100 million of PV-10 utilizing SEC 12-month average pricing of $47.62 per barrel of oil and $2.73 per thousand cubic feet of natural gas, before differentials.  The same factors that affected the change in reserves compared with year-end 2016 also impacted their PV-10 value. Utilizing forward strip commodity prices as of March 31, 2017 of $51.55 per barrel of oil and $3.31 per thousand cubic feet, before differentials, the PV-10 value is estimated to be in the range of $250 to $450 million.

The Company intends to disclose the final NSAI reserve report in a public filing after it is received by the Company.

Douglas E. Brooks, Chief Executive Officer and President remarked, “The transition to a fully-engineered reserve report from a reserve volume audit is a very rigorous process.  Our staff and management have been deeply involved in that process and will continue to engage with our independent reserve engineers in active dialogue as is typical in such annual third-party reserve compilations.  We believe this transition was a necessary and key step as we move forward with our long-term strategic plan.  We remain excited about our future growth capacity that is possible from the combination of our portfolio of core Gulf of Mexico properties and our strong balance sheet.  Our management team believes there is significant upside value in the Company’s non-proved resource base, especially at higher commodity prices, that will not be reflected in that engineering report.”

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, including those relating to the intent, beliefs, plans, or expectations of EGC are based upon current expectations and are subject to a number of risks, uncertainties, and assumptions. It is not possible to predict or identify all such factors and the following list should not be considered a complete statement of all potential risks and uncertainties relating to emergence from Chapter 11, the recent change in EGC’s senior management team, or EGC’s oil and gas reserves, including, but not limited to: (i) the PV-10 and reserve volumes reported in the final NSAI reserve report, (ii) the level of potential upside actually realized by EGC from its non-proved resource base, (iii) the effects of the departure of EGC’s senior leaders on the Company’s employees, suppliers, regulators and business counterparties, (iv) the increased advisory costs incurred in connection with executing the reorganization, (v) the impact of restrictions in the exit financing on EGC’s ability to make capital investments and pursue strategic growth opportunities and (vi) other risks and uncertainties. These risks and uncertainties could cause actual results, including project plans and related expenditures and resource recoveries, to differ materially from those described in the forward-looking statements. For a more detailed discussion of risk factors, please see Part I, Item 1A, “Risk Factors” of the Transition Report on Form 10-K for the transition period ended December 31, 2016 filed by EGC for more information. EGC will file reports and other information with the SEC going forward. EGC assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.

About the Company

Energy XXI Gulf Coast, Inc. is an independent oil and natural gas development and production company whose assets are primarily located in the U.S. Gulf of Mexico waters offshore Louisiana and Texas.  The Company’s near-term strategy emphasizes exploitation of key assets, enhanced by its focus on financial discipline and operational excellence. To learn more, visit EGC’s website at www.EnergyXXI.com.

CONTACT: Investor Relations Contact

Al Petrie
Investor Relations Coordinator 
713-351-0617
apetrie@energyxxi.com



Green Plains to Acquire Cattle Feed Yards from Cargill

Multiyear Offtake Agreement with Cargill Meat Solutions for Future Cattle Production
Green Plains Cattle Company will be the Fourth Largest Cattle Feeder in the U.S.
Acquisition will be accretive to 2017 earnings

OMAHA, Neb., April 26, 2017 (GLOBE NEWSWIRE) — Green Plains Inc. (NASDAQ:GPRE) today announced that its subsidiary, Green Plains Cattle Company, has entered into an asset purchase agreement to acquire two cattle-feeding operations from Cargill for $36.7 million, excluding working capital. The transaction includes feed yards located in Leoti, Kan. and Yuma, Colo. and will add capacity of 155,000 head to the company’s operations. Upon completion of the acquisition, Green Plains Cattle Company will become the fourth largest cattle-feeding operation in the United States with total capacity of more than 255,000 head.

As part of the transaction, Green Plains Cattle will also enter into a long-term supply agreement with Cargill Meat Solutions to provide a reliable supply of cattle from the Leoti and Yuma locations, as well as Green Plains’ existing feedlot in Kismet, Kan., with appropriate flexibility and economic opportunities for both parties.

“The growth of Green Plains Cattle achieves one of our strategic initiatives of further diversifying our income streams and investing in adjacent businesses. This purchase also aligns with our overall strategy to meet growing global protein demand in downstream markets that take advantage of our supply chain, production platform and commodity management expertise,” commented Todd Becker, president and chief executive officer of Green Plains. “A key component of the acquisition is the long-term agreement with Cargill under which Green Plains Cattle will be a strategic supplier of their beef-packing demand.”

Green Plains Cattle Company currently owns a 70,000 head cattle-feeding operation near Kismet, Kan. and a 30,000 head operation near Hereford, Texas.

“One of the inherent benefits of this transaction is the scale of internal demand for our co-products produced at company-owned ethanol plants. Our cattle business will now consume more than 300 thousand tons of dried distillers grains and 40 million pounds of corn oil annually,” Becker added. “The ability to effectively control our feed supply cost provides our cattle business with a strategic operating advantage resulting in more predictable and stable cattle-feeding margins while enhancing Green Plains’ knowledge of ration dynamics. Since our entry into cattle feeding a few years ago, the meat and protein market fundamentals have remained favorable and the business has been accretive to Green Plains’ earnings.” 

The Leoti and Yuma cattle-feeding operations consist of approximately 1,900 acres of land, supporting infrastructure and feed storage assets, which are strategically located near major meat packers. The transaction is anticipated to be accretive to 2017 earnings with completion expected in the next 30 days, subject to customary closing conditions and regulatory approvals. 

About Green Plains Inc.
Green Plains Inc. (NASDAQ:GPRE) is a diversified commodity-processing business with operations related to ethanol production, grain handling and storage, a cattle feedlot, vinegar production, and commodity marketing and logistics services. The company is the second largest consolidated owner of ethanol production facilities in the world with 17 dry mill plants, producing nearly 1.5 billion gallons of ethanol at full capacity. Green Plains owns a 62.5% limited partner interest and a 2.0% general partner interest in Green Plains Partners. For more information about Green Plains, visit www.gpreinc.com.

Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements reflect management’s current views, which are subject to risks and uncertainties including, but not limited to, anticipated financial and operating results, plans and objectives that are not historical in nature. These statements may be identified by words such as “believe,” “expect,” “may,” “should,” “will” and similar expressions. Factors that could cause actual results to differ materially from those expressed or implied include risks related to Green Plains’ ability to realize the anticipated benefits of the feedlot acquisition and other risks discussed in Green Plains’ reports filed with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. Green Plains assumes no obligation to update any such forward-looking statements, except as required by law.

CONTACT: Contact: Jim Stark, Vice President - Investor and Media Relations, Green Plains Inc. (402) 884-8700



Sanchez Energy Announces First Quarter 2017 Operating Results; Comanche Integration Remains on Schedule as the Company Achieves Record Production

HOUSTON, April 26, 2017 (GLOBE NEWSWIRE) — Sanchez Energy Corporation (NYSE:SN) (“Sanchez Energy” or the “Company”), today announced operating results for the first quarter of 2017.  Highlights include:

  • As previously announced, Sanchez Energy along with Blackstone Energy Partners (“Blackstone”) in a 50/50 partnership closed the acquisition of working interests in approximately 318,000 gross operated acres in the Western Eagle Ford on March 1, 2017 (the “Comanche Transaction”), resulting in adding approximately 67,000 barrels of oil equivalent per day (“Boe/d”) of production, 300 million barrels of oil equivalent (“MMBoe”) of proved reserves, and 155,000 net acres;

  • First quarter production, which includes one month of Comanche production, totaled approximately 4.6 MMBoe, or approximately 51,800 Boe/d, net of previously divested production which was approximately 3,700 Boe/d;
  • With the closing of the Comanche Transaction and the ongoing production increase from legacy assets, the Company is currently producing at a record level of approximately 76,000 Boe/d;
  • Completion operations on the large inventory of drilled but uncompleted (“DUC”) wells acquired in the Comanche Transaction began in early March 2017, with the first 9 DUC wells brought on-line in mid-April 2017;
  • The Company has completed contracting of major services to support drilling plans and mitigate the risk of inflationary pressure on its cost structure, with sand, pressure pumping, and drilling rigs now contracted for the next two years;
  • Drilling activity at Comanche currently consists of 3 rigs with 2 additional rigs planned in May 2017;

  • The Company brought 14 wells on-line in the South Central region of Catarina in the first quarter 2017 using a new generation of frac design that is 60% larger than the previous design used in this region.

MANAGEMENT COMMENTS

“During the first quarter of 2017, we took a major step towards positioning Sanchez Energy among the leading producers in the Eagle Ford Shale,” said Tony Sanchez, III, Chief Executive Officer of Sanchez Energy.  “After months of careful planning and preparation, drilling and completion operations on the newly acquired acreage began quickly and efficiently after closing the Comanche Transaction on March 1, 2017.  Completion operations began at Comanche within days of closing the transaction, resulting in initial production from the completion of the first 9 DUC wells in only 45 days.  We are currently running 3 drilling rigs, 2 frac spreads, and 3 workover rigs at Comanche, with plans to add additional rigs and completion equipment as the year progresses. Production from the initial DUC wells that were recently completed has been strong and so far has exceed expectations.    

“In addition to assuming operations at Comanche, the Company brought 14 horizontal wells on-line in the South Central region of Catarina during the first quarter 2017.  These wells were completed with proppant loading of approximately 3,000 pounds per foot, which is 60 percent more proppant and fluids compared to our standard design.  The move to a larger completion design in the South Central region of Catarina stems from tests conducted in this area over the last year.  Based on the results of this testing, we anticipate the new design will result in a flatter decline profile with payout in as little as six months and performance that is roughly 25% better than our standard completion work after 6 months of operation.

“As we make a step-change in our operational scale, we continue to maintain a focus on well costs.  Excluding the cost of the larger completion work we are realizing an average of 10 percent to 15 percent service cost inflation, which is in line with expectations.  That being said, we have now completed contracting of major services to support drilling plans for the next two years, with fixed price arrangements in place for sand, pressure pumping, and drilling rigs, among other services.  We believe these arrangements will allow us to maintain our cost structure and de-bundled approach to procurement despite the current pressure on the services market.”

HEDGING UPDATE

As previously announced, the Company has hedged approximately 80 percent of the oil and natural gas volumes from the proved developed producing reserves of the acquired Comanche assets with swaps at prices of $55.85 per barrel (“Bbl”) and $3.26 per million British thermal units (“MMBtu”) from April 2017 through September 2018, and $53.52 per Bbl and $2.82 per MMBtu from October 2018 through March 2020.  Additionally, the Company has hedged 7,000 Bbls per day of its 2017 oil production and approximately 100 MMBtus per day of its 2017 natural gas production from legacy assets.  Additional information on the Company’s hedge positions can be found in the Sanchez Energy Investor Presentation posted at www.sanchezenergycorp.com.

OPERATIONS UPDATE

During the first quarter 2017, the Company spud 33 gross (28.8 net) wells and completed 19 gross (16 net) wells.

Total well costs at Catarina during the first quarter 2017 averaged approximately $3.9 million per well as the Company tested significantly enhanced completion designs.  South Central Catarina wells were completed with approximately 3,000 pounds per foot of proppant, which is an increase of approximately 60 percent when compared to well designs used in 2016.  At Maverick, the Company is in the process of drilling 27 wells on the Hausser lease and completion activity on these wells is expected to begin early in the third quarter of 2017. 

During the first quarter of 2017, the Company brought 14 wells on-line at Catarina.  As of March 31, 2017, the Company had completed 69 wells towards its 50 well annual drilling commitment at Catarina, which runs from July 1, 2016 to June 30, 2017.  Accordingly, the Company has already banked 19 wells towards next year’s annual drilling commitment and is on pace to reach 30 wells banked by June 30, 2017.

As of March 31, 2017, the Company had 2,060 gross (821 net) producing wells with 169 gross wells in various stages of completion, as detailed in the following table:

Project Area   Gross
Producing Wells
  Gross
Wells Waiting/ Undergoing Completion
Catarina   347   19
Comanche   1,435   133
Maverick   80   12
Marquis   104   0
Palmetto   80   5
TMS / Other   14  
Total   2,060   169
         

PRODUCTION UPDATE

The Company’s estimated total production for the first quarter 2017 averaged approximately 51,800 Boe/d.  This rate of production is in-line with expectations, and the Company believes it remains on pace to hit its full year 2017 production guidance of 78,000 to 82,000 Boe/d.  The Company’s production mix during the first quarter of 2017 consisted of approximately 33% oil, 29% natural gas liquids, and 38% natural gas.

ABOUT SANCHEZ ENERGY CORPORATION

Sanchez Energy Corporation (NYSE:SN) is an independent exploration and production company focused on the acquisition and development of U.S. onshore unconventional oil and natural gas resources, with a current focus on the Eagle Ford Shale in South Texas where we have assembled over 335,000 net acres. For more information about Sanchez Energy Corporation, please visit our website: www.sanchezenergycorp.com.

FORWARD-LOOKING STATEMENTS

This press release contains, and our officers and representatives may from time to time make, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Sanchez Energy expects, believes or anticipates will or may occur in the future are forward-looking statements, including statements relating to future operating results and returns, our strategy and plans, including future drilling plans, our ability to increase reserves and production and generate income or cash flows, our ability to keep well costs down, the benefits of our partnership with Blackstone and the Comanche Transaction.  These statements are based on certain assumptions made by the Company based on management’s experience, perception of historical trends and technical analyses, current conditions, anticipated future developments and other factors believed to be appropriate and reasonable by management.  When used in this press release, the words “will,” “potential,” “believe,” “estimate,” “intend,” “expect,” “may,” “should,” “anticipate,” “could,” “plan,” “predict,” “project,” “profile,” “model,” “strategy,” “future,” or their negatives, other similar expressions or the statements that include those words, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words.

Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Sanchez Energy, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements, including, but not limited to failure to successfully execute our business and financial strategies, failure to achieve the expected benefits of our partnership with Blackstone, inability to successfully close announced transactions,, failure to realize the benefits of our acquisitions, including the Comanche Transaction, failure to economically develop our acreage and to produce reserves and achieve anticipate production levels, the price of oil or gas, marketing and sales of produced oil and gas, estimates made in evaluating reserves, competition, general economic conditions and the ability to manage our growth, our expectations regarding our future liquidity, our expectations regarding the results of our efforts to improve the efficiency of our operations to reduce our costs and other factors described in Sanchez Energy’s most recent Annual Report on Form 10-K and any updates to those risk factors set forth in Sanchez Energy’s Quarterly Reports on Form 10-Q. Further information on such assumptions, risks and uncertainties is available in Sanchez Energy’s filings with the U.S. Securities and Exchange Commission (the “SEC”).  Sanchez Energy’s filings with the SEC are available on our website at www.sanchezenergycorp.com and on the SEC’s website at www.sec.gov. In light of these risks, uncertainties and assumptions, the events anticipated by Sanchez Energy’s forward-looking statements may not occur, and, if any of such events do occur, Sanchez Energy may not have correctly anticipated the timing of their occurrence or the extent of their impact on its actual results.  Accordingly, you should not place any undue reliance on any of Sanchez Energy’s forward-looking statements.  Any forward-looking statement speaks only as of the date on which such statement is made and Sanchez Energy undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

CONTACT: COMPANY CONTACT:
Kevin Smith
VP Investor Relations
(281) 925-4828

Cham King
Investor Relations & Capital Markets
(713) 756-2797

General Inquiries:  (713) 783-8000
www.sanchezenergycorp.com 



Fairmount Santrol Launches Eleventh Corporate Social Responsibility (CSR) Report

CHESTERLAND, Ohio, April 25, 2017 (GLOBE NEWSWIRE) — Fairmount Santrol (NYSE:FMSA) is pleased to announce the release of its eleventh annual Corporate Social Responsibility (CSR) Report, Staying True. The 2016 report follows the Global Reporting Initiative (GRI) G4 Guidelines. To meet these guidelines, the Company conducted an assessment and engaged internal and external stakeholders to identify and prioritize Fairmount Santrol’s most significant sustainability-related impacts, risks, and opportunities.

The theme of this year’s report, Staying True, highlights the Company’s collective commitment to Sustainable Development (SD), as well as the many accomplishments by Fairmount Santrol Family Members in 2016. This report also demonstrates the Organization’s ability to see beyond the challenging market conditions, and remain an employer and business partner of choice.

The Company invites you to view the full 2016 CSR report online at csr.fairmountsantrol.com. Selected highlights include:

People

  • Family Members achieved 101 percent of the 2016 SD Team goals and individual facilities achieved 97 percent of their SD goals.
  • Continued focus on safety enabled the Company to outperform the industry average safety statistics and to surpass the record for best year in Total Case Incident Rate (TCIR).

Planet

  • Achieved zero waste at 27 of 31 facilities in operation, including the largest facilities.
  • Funded or planted over 102,000 trees, with 10 percent of the trees planted by Family Members to fully sequester 2015 greenhouse gas (GHG) emissions.

Prosperity

  • Shipped the highest volume of raw frac sand in the Company’s history.
  • Donated $1.2 million to local communities, funding the health, wellness, and education of the next generation as well as the health of the planet.

“By Staying True to our long-standing belief that investing in People, Planet, and Prosperity pays, our people remain inspired, our efficiency has improved, and our stakeholders are reaping the benefits from both previous and current efforts.  Core to who we are, we will continue to invest in the development of our people, ensuring that we have the talent required to lead our company as we look to 2017 and beyond,” said Jenniffer Deckard, President and Chief Executive Officer.    

About Fairmount Santrol

Fairmount Santrol is a leading provider of high-performance sand and sand-based product solutions used by oil and gas exploration and production companies to enhance the productivity of their wells. The Company also provides high-quality products, strong technical leadership and applications knowledge to end users in the foundry, building products, water filtration, glass, and sports and recreation markets. Its expansive logistics capabilities include a wide-ranging network of distribution terminals and thousands of rail cars that allow the Company to effectively serve customers wherever they operate. As one of the nation’s longest continuously operating mining organizations, Fairmount Santrol has developed a strong commitment to all three pillars of sustainable development, People, Planet and Prosperity. Correspondingly, the Company’s motto and action orientation is: “Do Good. Do Well.” For more information, visit FairmountSantrol.com.

Forward-Looking Statements

Certain statements contained in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Fairmount Santrol Holdings Inc.’s filings with the Securities and Exchange Commission (“SEC”). The risk factors and other factors noted in our filings with the SEC could cause our actual results to differ materially from those contained in any forward-looking statement.

CONTACT: Media Contact:
Kristin Lewis
440-279-0245
Kristin.Lewis@fairmountsantrol.com



Enphase Energy Announces Conference Call to Review First Quarter 2017 Financial Results,Tuesday, May 9, 2017 at 4:30 p.m. Eastern Time

PETALUMA, Calif., April 25, 2017 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ:ENPH), a global energy technology company and the world’s leading supplier of solar microinverters, announced today that the company will host a conference call and webcast on Tuesday, May  9, 2017 at 4:30 p.m. Eastern Time to discuss its first quarter 2017 financial results for the period ended March 31, 2017. The live webcast can be accessed on the Enphase Energy Investor Relations website at investor.enphase.com, and a recorded version of the call will also be available there approximately one hour after the call. 

What:   Enphase Energy’s First Quarter 2017 Financial Results Earnings Call and Webcast
     
Date:   Tuesday, May 9, 2017
     
Time:   4:30 p.m. Eastern Time
     
Live Call:   877.644.1284
     
International:   +1.707.287.9355
     
Participant Passcode:   7699348
     
Replay:   United States: 855.859.2056
    International: +1.404.537.3406
    Passcode: 7699348

 The webcast will be archived for up to 30 days.

 About Enphase Energy, Inc.

Enphase Energy, a global energy technology company, delivers simple, innovative and reliable energy management solutions that advance the worldwide potential of renewable energy. Enphase has shipped more than 13 million microinverters, and over 580,000 Enphase residential and commercial systems have been deployed in more than 100 countries. For more information, visit www.enphase.com.

Enphase Energy®, the Enphase logo and other trademarks or service names are the trademarks of Enphase Energy, Inc.

Forward-Looking Statements

This press release may contain forward-looking statements, including statements related to Enphase Energy’s financial performance, credit availability, need for financing, market demands for its products, and advantages of its technology and market trends. These forward-looking statements are based on the company’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties and other risks detailed in the “Risk Factors” and elsewhere in Enphase Energy’s latest Securities and Exchange Commission filings and reports. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

CONTACT: Contact
Christina Carrabino
Enphase Energy, Inc.
Investor Relations
ir@enphaseenergy.com 
+1-707-763-4784, x. 7294



Sunrun Partners with GRID Alternatives to Finance Solar Projects for Low-Income Homeowners

SAN FRANCISCO, April 25, 2017 (GLOBE NEWSWIRE) — Sunrun Inc. (Nasdaq:RUN), the largest dedicated residential solar company in the United States, today announced an extension to their partnership with GRID Alternatives, the nation’s largest non-profit solar installer, to provide financing for solar installations in low-income communities.

Under this agreement, Sunrun will serve as third-party owner (TPO) through its BrightSave PrepaidTM solar lease and solar power purchase agreement (PPA) products for hundreds of solar system installations annually. With this arrangement, Sunrun will own, operate, maintain and insure the solar systems. GRID Alternatives will install the solar systems and fund each customer’s prepaid 20-year solar PPA or lease bill. The TPO model allows Sunrun to leverage both the federal investment tax credit and depreciation benefits on these projects, reducing costs for GRID Alternatives and helping the organization serve more low-income households throughout California and nationally. The PPA product was recently approved for use on installations funded by California’s Single-Family Affordable Solar Homes Program (SASH), a low-income solar incentive program managed by GRID Alternatives.

“Serving all homeowners has been a foundational business practice for Sunrun and we are excited to accelerate these efforts in low-income markets with GRID Alternatives,” said Paul Winnowski, President and Chief Operating Officer of Sunrun. “Customers will receive all the benefits of going solar with no upfront costs, while realizing monthly savings on their utility bills. We are committed to partnering with companies, such as GRID Alternatives, who share our same customer-centric philosophy, providing them the resources necessary to successfully meet their goals.”

“Maximizing the financial benefits of solar to our clients is our top priority,” said Tim Sears, COO and co-founder of GRID Alternatives. “This partnership helps us to do that in the most cost-effective way, allowing us to stretch our resources further to serve even more families in more regions.”

Sunrun has also been a long-time philanthropic supporter of GRID Alternatives, providing both financial support and employee volunteerism to help extend the benefits of solar power to low-income communities across the country.

Sunrun is the nation’s largest standalone provider of residential solar, storage and energy management services. The company works to help homeowners utilize solar energy tailored for their home, their lifestyle and their budget, all while helping reduce the use of dirty fossil fuels.

About Sunrun
Sunrun (NASDAQ:RUN) provides clean energy to homeowners. It is the largest dedicated residential solar company in the United States whose mission is to create a planet run by the sun. Since establishing the solar as a service model in 2007, Sunrun continues to lead the industry by striving to provide homeowners clean energy at a savings to traditional electricity and with end-to-end service. The company designs, installs, finances, insures, monitors and maintains the solar panels on a homeowner’s roof, while families receive predictable pricing for 20 years or more. For more information please visit: www.sunrun.com.

About GRID Alternatives
GRID Alternatives is America’s largest nonprofit solar installer, bringing clean energy technology and job training to low-income families and underserved communities through a network of community partners and philanthropic supporters. GRID has installed over 8,000 solar electric systems with a combined installed capacity of 30MW, saving customers $240 million in lifetime electricity costs, preventing 660,000 tons of greenhouse gas emissions, and providing over 30,000 people with solar training. GRID has eleven regional offices and affiliates serving California, Colorado, the Mid-Atlantic, the New York tri-state area, Tribal communities nationwide, and Nicaragua. For more information, visit www.gridalternatives.org.

CONTACT: Media Contacts:

Sunrun
Trina Smith
Trina.Smith@sunrun.com
425.269.4636

GRID Alternatives 
Julian Foley
jfoley@gridalternatives.org
510.731.1188