Armory Capital Group, LLC Delivers Notice of Default to Trustee of Sidewinder Drilling, Inc.’s Senior Unsecured Notes

LOS ANGELES, March 22, 2016 /PRNewswire/ — Armory Capital Group, LLC (“Armory Capital Group”), representing a group of five holders of certain Senior Unsecured Notes (the “Notes”) issued by Sidewinder Drilling, Inc. (“Sidewinder”), today announced that it had notified the trustee and Sidewinder through its counsel on March 9, 2016 that Sidewinder was in violation of sections 3.02, 3.03 and 3.04 of the Notes’ indenture as a result of Sidewinder’s recently announced transaction involving certain holders of the Notes.  The transaction included four components: a private placement of new notes, a redemption of existing Notes, a purported amendment of the Notes’ indenture, and an amendment to Sidewinder’s existing credit facility.

Disclosures

This press release is being issued by Armory Capital Group, an investment adviser registered with the SEC.  Registration does not imply a certain level of skill or training.  A copy of Armory Capital Group’s disclosure statement (Part 2 of Form ADV) is available without charge upon request.

Without making any public or other disclosure except as may be required by applicable law, funds and accounts managed by Armory Capital Group and/or its affiliates may, at any time, buy and sell securities and instruments issued by Sidewinder, based upon such factors as Armory Capital Group may, in its sole and absolute discretion, deem relevant.

The information set forth herein does not constitute a recommendation or solicitation to buy or sell any security. The information set forth herein represents the opinion of Armory Capital Group as of the date hereof and the trustee’s response to the letter is unknown. The information set forth herein is based upon information reasonably available to Armory Capital Group and obtained from sources Armory Capital Group believes to be reliable; however, such sources cannot be guaranteed as to their accuracy or completeness. Armory Capital Group makes no representation or warranty, express or implied, as to the accuracy or completeness of the information set forth herein and undertakes no duty to update its contents.

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