AUSTIN, Texas, May 14, 2018 (GLOBE NEWSWIRE) -- Jones Energy, Inc. (NYSE:JONE) (“Jones Energy” or “the Company”) today announced that the previously declared contingent dividend payment on the Company’s 8% Series A Perpetual Convertible Preferred Stock (the “Preferred Stock”) will not be paid. The foregone dividend is for the period beginning on the last payment date of February 15, 2018 through May 14, 2018, payable to holders of Preferred Stock of record as of May 1, 2018. As a reminder, the Company is currently prohibited from paying cash dividends on the Preferred Stock under the terms of its indebtedness. In order for the Company to pay the dividend in full in shares of Class A common stock, the average of the daily volume weighted average price per share of Class A Common Stock for each day during the five consecutive day trading period ending today, May 14, 2018 (the “Dividend Valuation Price”), must be at or above $0.76 (the “Floor Price”)1. The Dividend Valuation Price did not meet the Floor Price. The right to receive this dividend will accrue for holders of Preferred Stock. Future Preferred Stock dividend payments will be evaluated on a quarterly basis.
About Jones Energy
Jones Energy, Inc. is an independent oil and natural gas company engaged in the development and acquisition of oil and natural gas properties in the Anadarko basin of Oklahoma and Texas. Additional information about Jones Energy may be found on the Company’s website at: www.jonesenergy.com.
Investor Contact:
Page Portas, 512-493-4834
Investor Relations Associate
Or
Robert Brooks, 512-328-2953
Executive Vice President & CFO
1 As defined in the Certificate of Designations for the Preferred Stock and as adjusted in accordance with the terms of the Certificate of Designations.