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PICO Holdings, Inc. Announces the Sale of a Majority of Its Oil & Gas Assets
The sale transaction will be recorded in the Company’s consolidated statement of operations in the fourth quarter of 2016 which is estimated to result in a gain before income taxes of approximately
PICO’s President and Chief Executive Officer,
“Mendell Energy's management team has done an excellent job of maintaining and enhancing the value of our petroleum assets. They also conducted a robust auction and contract process, which allowed us to realize a positive outcome.”
As of September 30, 2016, our two major investments were:
At September 30, 2016,
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Statements in this press release that are not historical, including statements regarding our business objectives, the gain to be realized as a result of the sale of the oil and gas assets, and our ability to monetize assets and return capital to shareholders through stock repurchases or through other means, are forward-looking statements based on current expectations and assumptions that are subject to risks and uncertainties.
In addition, a number of other factors may cause results to differ materially from our expectations, such as: any slow down or downturn in the housing recovery or in the real estate markets in which UCP and Vidler operate; fluctuations in the prices of water and water rights; physical, governmental and legal restrictions on water and water rights; a downturn in some sectors of the stock market; general economic conditions; prolonged weakness in the overall U.S. and global economies; the performance of the businesses; the continued service and availability of key management personnel; and potential capital requirements and financing alternatives.
For further information regarding risks and uncertainties associated with our business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of our
We undertake no obligation to (and we expressly disclaim any obligation to) update our forward-looking statements, whether as a result of new information, subsequent events, or otherwise, in order to reflect any event or circumstance which may arise after the date of this press release, except as may otherwise be required by law. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.