As filed with the Securities and Exchange Commission on September 23, 2016
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
Under
the Securities Act of 1933
Seventy Seven Energy Inc.
(Exact name of registrant as specified in its charter)
Delaware | 45-3338422 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
777 N.W. 63rd Street Oklahoma City, Oklahoma |
73116 | |
(Address of principal executive offices) | (Zip Code) |
2016 Seventy Seven Energy Inc. Omnibus Incentive Plan
(Full title of the plan)
David Treadwell
Seventy Seven Energy Inc.
777 N.W. 63rd Street
Oklahoma City, Oklahoma 73116
(405) 608-7777
(Name, address and telephone number, including area code, of agent for service)
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ¨ | Accelerated filer | x | |||
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | x |
CALCULATION OF REGISTRATION FEE
| ||||||||
Title of securities to be registered |
Amount to be registered (1) |
Proposed maximum offering price per share (2) |
Proposed maximum aggregate offering price (2) |
Amount of registration fee (3) | ||||
Common Stock, $0.01 par value per share |
2,200,000 | $17.31 | $38,082,000 | $3,834.86 | ||||
| ||||||||
|
(1) | Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the Securities Act), this Registration Statement shall also include such additional indeterminate number of shares of common stock, $0.01 par value per share, of Seventy Seven Energy Inc. (the Common Stock) that may be issuable to prevent dilution as a result of stock splits, stock dividends or similar transactions under the 2016 Seventy Seven Energy Inc. Omnibus Incentive Plan. |
(2) | Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457 under the Securities Act, and based on the value attributed to the common stock in connection with the Registrants emergence from bankruptcy pursuant to its Plan of Reorganization. |
EXPLANATORY NOTE
On June 7, 2016, Seventy Seven Energy Inc. (the Registrant or the Company) and its subsidiaries filed voluntary petitions seeking relief under Chapter 11 of Title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the district of Delaware (the Bankruptcy Court). On July 14, 2016, the Bankruptcy Court issued an order (the Confirmation Order) confirming the Joint-Prepackaged Plan of Reorganization of the Debtors (as amended and supplemented, the Plan of Reorganization). On August 1, 2016, the Registrant satisfied the conditions of the Confirmation Order and the Plan of Reorganization became effective (the Effective Date).
Unless otherwise noted or suggested by context, all financial information and data and accompanying financial statements and corresponding notes, as of and prior to the Effective Date, as contained or incorporated by reference herein, reflect the actual historical consolidated results of operations and financial condition of the Registrant for the periods presented and do not give effect to the Plan of Reorganization or any of the transactions contemplated thereby, including the adoption of fresh-start accounting. Accordingly, such financial information may not be representative of the Registrants performance or financial condition after the Effective Date. Except with respect to such historical financial information and data and accompanying financial statements and corresponding notes or as otherwise noted or suggested by the context, all other information contained herein relates to the Registrant following the Effective Date.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
REGISTRATION OF ADDITIONAL SECURITIES
The Company will send or give to all participants in the 2016 Seventy Seven Energy Inc. Omnibus Incentive Plan (the Plan) the document(s) containing information required by Part I of Form S-8, as specified in Rule 428(b)(1) promulgated by the Securities and Exchange Commission (the Commission) under the Securities Act of 1933, as amended (the Securities Act). The Company has not filed such document(s) with the Commission, but such documents (along with the documents incorporated by reference into this Registration Statement on Form S-8 (the Registration Statement) pursuant to Item 3 of Part II hereof) shall constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.
PART II
INFORMATION REQUIRED IN THIS REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
Except to the extent that information is deemed furnished and not filed pursuant to securities laws and regulations, the following documents have been filed by the Company with the Commission and are incorporated by reference into this Registration Statement and will be deemed to be a part hereof:
i. | The Companys Annual Report on Form 10-K for the year ended December 31, 2015, as amended (the Annual Report); |
ii. | The Companys Quarterly Reports on Form 10-Q for the quarterly period ended March 31, 2016 and June 30, 2016; and |
iii. | All other reports filed by the Company with the Commission since the end of the fiscal year covered by the Annual Report, pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act). |
Except to the extent that information is deemed furnished and not filed pursuant to securities laws and regulations, all documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective amendment that indicates that all securities offered have been sold or that deregisters all securities then remaining unsold shall also be deemed to be incorporated by reference herein and to be a part hereof from the dates of filing of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 4. Description of Securities.
The description of the Companys common stock, $0.01 par value per share (Common Stock), contained in the Companys Current Report on Form 8-K filed on August 4, 2016, as that description may be updated from time to time, is incorporated herein by reference.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Delaware General Corporation Law
Section 145(a) of the Delaware General Corporation Law (DGCL) provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with the action, suit or proceeding if he acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the persons conduct was unlawful.
Section 145(b) of the DGCL provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys fees) actually and reasonably incurred by the person in connection with the defense or settlement of the action or suit if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which the person shall have been adjudged to be liable to the corporation unless and only to the extent that the Delaware Court of Chancery or the court in which the action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for the expenses which the Delaware Court of Chancery or such other court shall deem proper.
Section 145(c) of the DGCL provides that to the extent that a present or former director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in Section 145(a) and (b), or in defense of any claim, issue or matter therein, the person shall be indemnified against expenses (including attorneys fees) actually and reasonably incurred by the person in connection therewith.
Section 145(d) of the DGCL provides that any indemnification under Section 145(a) and (b) (unless ordered by a court) shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of the present or former director, officer, employee or agent is proper in the circumstances because the person has met the applicable standard of conduct set forth in Section 145(a) and (b). The determination shall be made, with respect to a person who is a director or officer at the time of such determination, (1) by a majority vote of the directors who are not parties to such action, suit or proceeding, even though less than a quorum, (2) by a committee of such directors designated by majority vote of such directors, even though less than a quorum, (3) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion, or (4) by the stockholders.
Section 145(e) of the DGCL provides that expenses (including attorneys fees) incurred by an officer or director in defending any civil, criminal, administrative or investigative action, suit or proceeding may be paid by the corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the director or officer to repay such amount if it shall ultimately be determined that the person is not entitled to be indemnified by the corporation as authorized in Section 145. The expenses (including attorneys fees) incurred by former directors and officers or other employees and agents may be so paid upon those terms and conditions, if any, as the corporation deems appropriate.
Section 145(f) of the DGCL provides that the indemnification and advancement of expenses provided by, or granted pursuant to, Section 145 shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise.
Section 145(g) of the DGCL provides that a corporation shall have the power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against the person and incurred by the person in any such capacity, or arising out of the persons status as such, whether or not the corporation would have the power to indemnify the person against such liability under Section 145.
Section 145(k) of the DGCL provides that the indemnification and advancement of expenses provided by, or granted pursuant to, Section 145 shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.
Certificate of Incorporation and Bylaws
The Companys certificate of incorporation provides that a director will not be liable to the Company or its stockholders for monetary damages to the fullest extent permitted by the DGCL. In addition, if the DGCL is amended to authorize the further elimination or limitation of the liability of directors, then the liability of a director of the Company, in addition to the limitation on personal liability provided for in the certificate of incorporation, will be limited to the fullest extent permitted by the amended DGCL. The Companys certificate of incorporation also contains indemnification rights for the directors and officers. Specifically, the certificate of incorporation provides that the Company shall indemnify its officers and directors to the fullest extent authorized by the DGCL.
The Companys bylaws will provide that the Company will indemnify, and advance expenses to, any officer or director to the fullest extent authorized by the DGCL.
Certain Other Arrangements
The Company has obtained directors and officers insurance to cover its directors, officers and some employees for certain liabilities.
The Company intends to enter into indemnification agreements with each of its directors. The indemnification agreements provide, to the fullest extent possible under law, indemnification against all losses pertaining to certain actions taken by them, or failures to act, while serving as director. Pursuant to these agreements, if a director makes a claim of indemnification to the Company, a majority of the disinterested directors, a committee of disinterested directors designated by a majority vote of the disinterested directors or independent legal counsel selected by the disinterested directors must review the relevant facts and make a determination whether the director has met the standards of conduct that would permit under Delaware law the Company to indemnify the director.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
Exhibit |
Description | |
4.1 | Certificate of Incorporation of Seventy Seven Energy, Inc. (incorporated by reference to Exhibit 3.1 to the Registrants Current Report on Form 8-K filed on August 4, 2016). | |
4.2 | Bylaws of Seventy Seven Energy, Inc. (incorporated by reference to Exhibit 3.2 to the Registrants Current Report on Form 8-K filed on August 4, 2016). | |
4.3* | Specimen Certificate for shares of common stock, par value $.01 per share, of the Registrant. | |
4.4 | 2016 Seventy Seven Energy Inc. Omnibus Incentive Plan (incorporated by reference to Exhibit 10.7 to the Registrants Current Report on Form 8-K filed on September 23, 2016). | |
5.1* | Opinion of Baker Botts L.L.P. as to the legality of the securities being registered. | |
23.1* | Consent of PricewaterhouseCoopers LLP. | |
23.2* | Consent of Baker Botts L.L.P. (included in Exhibit 5.1). | |
24.1* | Power of Attorney. |
* | Filed herewith. |
Item 9. Undertakings.
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the Calculation of Registration Fee table in the effective Registration Statement; and
(iii) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for the purpose of determining any liability under the Securities Act, each filing of the Registrants annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plans annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Oklahoma City, Oklahoma, on this 23rd day of September, 2016.
SEVENTY SEVEN ENERGY INC. | ||
By: | /s/ CARY D. BAETZ | |
Name: | Cary D. Baetz | |
Title: | Chief Financial Officer and Treasurer |
Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.
Name |
Title |
Date | ||
* Jerry L. Winchester |
Chief Executive Officer, President and Director (Principal Executive Officer) |
September 23, 2016 | ||
* Cary D. Baetz |
Chief Financial Officer and Treasurer (Principal Financial and Principal Accounting Officer) |
September 23, 2016 | ||
* Edward J. DiPaolo |
Director |
September 23, 2016 | ||
* Andrew Axelrod |
Director |
September 23, 2016 | ||
* Victor Danh |
Director |
September 23, 2016 | ||
* Steven Hinchman |
Director |
September 23, 2016 | ||
* David King |
Director |
September 23, 2016 | ||
* Douglas J. Wall |
Director |
September 23, 2016 |
*By: | /s/ David Treadwell |
|||
David Treadwell | ||||
Attorney-in-Fact |
INDEX TO EXHIBITS
Exhibit |
Description | |
4.1 | Certificate of Incorporation of Seventy Seven Energy, Inc. (incorporated by reference to Exhibit 3.1 to the Registrants Current Report on Form 8-K filed on August 4, 2016). | |
4.2 | Bylaws of Seventy Seven Energy, Inc. (incorporated by reference to Exhibit 3.2 to the Registrants Current Report on Form 8-K filed on August 4, 2016). | |
4.3* | Specimen Certificate for shares of common stock, par value $.01 per share, of the Registrant. | |
4.4 | 2016 Seventy Seven Energy Inc. Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the Registrants Current Report on Form 8-K filed on September 23, 2016). | |
5.1* | Opinion of Baker Botts L.L.P. as to the legality of the securities being registered. | |
23.1* | Consent of PricewaterhouseCoopers LLP. | |
23.2* | Consent of Baker Botts L.L.P. (included in Exhibit 5.1). | |
24.1* | Power of Attorney. |
* | Filed herewith. |
Exhibit 4.3
ZQ|CERT#|COY|CLS|RGSTRY|ACCT#|TRANSTYPE|RUN#|TRANS# COMMON STOCK COMMON STOCK PAR VALUE $0.01 SEVENTY SEVEN ENERGY THIS CERTIFICATE IS TRANSFERABLE IN CANTON, MA, JERSEY CITY, NJ AND COLLEGE STATION, TX Certificate Number ZQ00000000 Shares ** 000000****************** *** 000000***************** **** 000000**************** SEVENTY SEVEN ENERGY INC. ***** 000000*************** ****** 000000************** INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE THIS CERTIFIES THAT is the owner of CUSIP 81809A 10 0 MR. SAMPLE & MRS. SAMPLE & SEE REVERSE FOR CERTAIN DEFINITIONS MR. SAMPLE & MRS. SAMPLE ***ZERO HUNDRED THOUSAND ZERO HUNDRED AND ZERO*** FULLY-PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK OF Seventy Seven Energy Inc. (hereinafter called the Company), transferable on the books of the Company in person or by duly authorized attorney, upon surrender of this Certificate properly endorsed. This Certificate and the shares represented hereby are issued and shall be held subject to all of the provisions of the Certificate of Incorporation, as amended, and the Bylaws, as amended, of the Company (copies of which are on file with the Company and with the Transfer Agent), to all of which each holder, by acceptance hereof, assents. This Certificate is not valid unless countersigned and registered by the Transfer Agent and Registrar. Witness the facsimile seal of the Company and the facsimile signatures of its duly authorized officers. DATED DD-MMM-YYYY COUNTERSIGNED AND REGISTERED: COMPUTERSHARE TRUST COMPANY, N.A. TRANSFER AGENT AND REGISTRAR, President SEVENTY SEVEN ENERGY INC. SEAL 2016 DELAWARE By Secretary AUTHORIZED SIGNATURE SECURITY INSTRUCTIONS ON REVERSE SEVENTY SEVEN ENERGY PO BOX 43004, Providence, RI 02940-3004 MR A SAMPLE DESIGNATION (IF ANY) ADD 1 ADD 2 ADD 3 ADD 4 CUSIP XXXXXX XX X Holder ID XXXXXXXXXX Insurance Value 1,000,000.00 Number of Shares 123456 DTC 12345678 123456789012345 Certificate Numbers Num/No. Denom. Total 1234567890/1234567890 1 1 1 1234567890/1234567890 2 2 2 1234567890/1234567890 3 3 3 1234567890/1234567890 4 4 4 1234567890/1234567890 5 5 5 1234567890/1234567890 6 6 6 Total Transaction 7 A123456
SEVENTY SEVEN ENERGY INC.
THE COMPANY WILL FURNISH WITHOUT CHARGE TO EACH SHAREHOLDER, WHO SO REQUESTS, A SUMMARY OF THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OF THE COMPANY AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND RIGHTS, AND THE VARIATIONS IN RIGHTS, PREFERENCES AND LIMITATIONS DETERMINED FOR EACH SERIES, WHICH ARE FIXED BY THE CERTIFICATE OF INCORPORATION OF THE COMPANY, AS AMENDED, AND THE RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE COMPANY, AND THE AUTHORITY OF THE BOARD OF DIRECTORS TO DETERMINE VARIATIONS FOR FUTURE SERIES. SUCH REQUEST MAY BE MADE TO THE OFFICE OF THE SECRETARY OF THE COMPANY OR TO THE TRANSFER AGENT. THE BOARD OF DIRECTORS MAY REQUIRE THE OWNER OF A LOST OR DESTROYED STOCK CERTIFICATE, OR HIS LEGAL REPRESENTATIVES, TO GIVE THE COMPANY A BOND TO INDEMNIFY IT AND ITS TRANSFER AGENTS AND REGISTRARS AGAINST ANY CLAIM THAT MAY BE MADE AGAINST THEM ON ACCOUNT OF THE ALLEGED LOSS OR DESTRUCTION OF ANY SUCH CERTIFICATE.
The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: | ||||||||||||||||||||||
TEN COM | - as tenants in common |
UNIF GIFT MIN ACT | - |
|
Custodian |
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(Cust) | (Minor) |
TEN ENT | - as tenants by the entireties |
under Uniform Gifts to Minors Act |
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(State) |
JT TEN | - as joint tenants with right of survivorship and not as tenants in common |
UNIF TRF MIN ACT | - |
|
Custodian (until age |
|
) | |||||||||||||||||
(Cust) |
|
under Uniform Transfers to Minors Act |
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(Minor) | (State) | |||||||||||||||||||||
Additional abbreviations may also be used though not in the above list. |
PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE | ||||||||
For value received, hereby sell, assign and transfer unto |
| ||||||||||||
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE) | ||||||||||||
| ||||||||||||
| ||||||||||||
|
Shares | |||||||||||
of the common stock represented by the within Certificate, and do hereby irrevocably constitute and appoint | ||||||||||||
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Attorney | |||||||||||
to transfer the said stock on the books of the within-named Company with full power of substitution in the premises. |
Exhibit 5.1
ONE SHELL PLAZA | AUSTIN | LONDON | ||||
910 LOUISIANA | BEIJING | MOSCOW | ||||
HOUSTON, TEXAS | BRUSSELS | NEW YORK | ||||
770024995 | DALLAS | PALO ALTO | ||||
DUBAI | RIYADH | |||||
TEL +1 713.229.1234 | HONG KONG | SAN FRANCISCO | ||||
FAX +1 713.229.1522 | HOUSTON | WASHINGTON | ||||
BakerBotts.com |
September 23, 2016
Seventy Seven Energy Inc.
777 N.W. 63rd Street
Oklahoma City, Oklahoma
Ladies and Gentlemen:
As set forth in the Registration Statement on Form S-8 (the Registration Statement) to be filed on the date hereof by Seventy Seven Energy Inc., a Delaware corporation (the Company), with the Securities and Exchange Commission (the Commission) under the Securities Act of 1933, as amended (the Act), relating to 2,200,000 (the Shares) of common stock, par value $0.01 per share, of the Company (the Common Stock) issuable pursuant to the 2016 Seventy Seven Energy Inc. Omnibus Incentive Plan (the Plan), certain legal matters with respect to the Shares are being passed upon for you by us. At your request, this opinion is being furnished to you for filing as Exhibit 5.1 to the Registration Statement.
In our capacity as your counsel in the connection referred to above, we have examined originals, or copies certified or otherwise identified, of the Companys Certificate of Incorporation and By-Laws, each as amended to date, the Plan, corporate records of the Company, including minute books of the Company, as furnished to us by the Company, certificates of public officials and of representatives of the Company, statutes and such other instruments and documents, as we have deemed necessary or advisable, as a basis for the opinions hereinafter expressed. For purposes of this letter, we have relied, to the extent we deemed proper, without independent investigation, upon the certificates, statements and other representations of officers and other representatives of the Company and of governmental and public officials with respect to the accuracy and completeness of the material factual matters contained therein or covered thereby. In making our examination, we have assumed that all signatures on documents examined by us are genuine, all documents submitted to us as originals are authentic and complete, all documents submitted to us as certified or photostatic copies are true and correct copies of the originals of such documents and such original copies are authentic and complete. In addition, we have assumed for purposes of this opinion that the consideration received by the Company for the Shares will be not less than the par value of the Shares.
On the basis of the foregoing, and subject to the limitations, qualifications and assumptions set forth herein, we are of the opinion that: when issued by the Company pursuant to the provisions of the Plan following due authorization of a particular award thereunder by the Board of Directors of the Company or a duly constituted and acting committee thereof (the Board) as provided in and in accordance with the Plan, the Shares issuable pursuant to such award will have been duly authorized by all necessary corporate action on the part of the Company, and, upon issuance and delivery of such Shares from time to time pursuant to the terms of such award for the consideration established pursuant to the terms of the Plan and otherwise in accordance with the terms and conditions of such award, including, if applicable, the lapse of any restrictions relating thereto, the satisfaction of any performance conditions associated therewith and any requisite determinations by or pursuant to the authority of the Board as provided therein, and, in the case of stock options, the exercise thereof and payment for such Shares as provided therein, such Shares will be validly issued, fully paid and nonassessable.
Seventy Seven Energy Inc. |
- 2 - |
The opinion set forth above is limited in all respects to matters of the General Corporation Law of the State of Delaware.
We hereby consent to the filing of this opinion with the Commission as Exhibit 5.1 to the Registration Statement. In giving such consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.
Very truly yours, |
/s/ Baker Botts L.L.P. |
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated February 17, 2016 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in Seventy Seven Energy Inc.s Annual Report on Form 10-K for the year ended December 31, 2015.
/s/ PricewaterhouseCoopers LLP
Oklahoma City, Oklahoma
September 23, 2016
Exhibit 24.1
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned, being a director or officer of Seventy Seven Energy Inc., a Delaware corporation (the Company), constitutes and appoints David Treadwell and Cary D. Baetz, and each of them, his or her true and lawful attorneys-in-fact and agents with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign the Companys Registration Statement on Form S-8 under the Securities Act of 1933, as amended (the Securities Act), with respect to the registration under the Securities Act of shares of Company common stock, $0.01 par value, to be granted under and in accordance with the Companys Omnibus Incentive Plan and any and all amendments (including pre-effective and post-effective amendments) thereto and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
This Power of Attorney may be signed in any number of counterparts, each of which will constitute an original and all of which, taken together, will constitute one Power of Attorney.
IN WITNESS WHEREOF, each of the undersigned has hereunto set his or her hand this 23rd day of September, 2016.
Name |
Title | |
/s/ Jerry L. Winchester Jerry L. Winchester |
Chief Executive Officer (Principal Executive Officer), President and Director | |
/s/ Cary D. Baetz Cary D. Baetz |
Chief Financial Officer (Principal Financial and Principal Accounting Officer) and Treasurer | |
/s/ Edward J. DiPaolo Edward J. DiPaolo |
Director | |
/s/ Andrew Axelrod Andrew Axelrod |
Director | |
/s/ Victor Danh Victor Danh |
Director | |
/s/ Steven Hinchman Steven Hinchman |
Director | |
/s/ David King David King |
Director | |
/s/ Douglas J. Wall Douglas J. Wall |
Director |
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