On November 1, 2018, VR Advisory Services Ltd announced that it has delivered a letter to the Board of Resolute Energy Corporation, expressing its disappointment with the Company’s existing strategy and the resultant substantial stock underperformance. VR Advisory Services stated that the Company has failed to demonstrate that it can deliver shareholder value as it grows production, and furthermore, the Company’s lack of scale makes it exceedingly unlikely that it would be able to deliver substantial shareholder value in the future. VR Advisory Services concluded its letter by calling on the Board to immediately launch a formal process aimed at achieving a sale or merger of the Company in the nearest future and to take all steps to preserve shareholder value in the meantime. VR Advisory Services also stated that in the event that the Board and management of the Company fail to actively endorse this approach, it would consider all options, including seeking to install independent Board members to act in the best interests of the Company and its shareholders.