Pardee Resources Company (OTC: PDER) (the “Company”) announced today that it has implemented a restructuring plan to better align its costs with current energy market conditions. The Company estimates that the restructuring charges will be $550,000 in 2015 and $150,000 in 2016. The Company also estimates that this restructuring plan will reduce its annual expenses by $1,400,000. “This restructuring positions the Company to be more competitive in this depressed commodity energy market,” said Carleton P. Erdman, President and Chief Executive Officer.
In addition to historical statements, this press release contains statements relating to future events and our future results. These statements are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, and include statements that relate to impact of the restructuring described above. While these forward-looking statements represent our judgments and future expectations concerning our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: difficult economic conditions, the possibility of increased or adverse government regulation, and other risks and uncertainties. As a result, these forward-looking statements may turn out to be incorrect. We are under no obligation to (and expressly disclaim any obligation to) update or alter these forward-looking statements whether as a result of new information, future events or otherwise.