Permian pure-play Lilis Energy is pursuing a process to sell substantially all of its assets through the Chapter 11 process, which may be pursuant to section 363 of the bankruptcy code or a Chapter 11 plan.
Abraxas Petroleum also entered into an agreement with its lender Angelo Gordon that included the appointment of the firm’s head of energy, Todd Dittmann, as a director of the San Antonio-based oil and gas company.
Oklahoma shale driller Chaparral Energy Inc. filed for Chapter 11 bankruptcy protection on Aug. 16, the latest U.S. energy sector casualty in recent months.
Industry veteran and former SRC Energy CEO Lynn Peterson is expected to be appointed as Whiting Petroleum’s next CEO, effective as of the completion of the company’s restructuring.
Remora Petroleum, an Austin, Texas-based private E&P company focused on mature, long-lived producing properties, listed approximately $85 million in debt.
Last month, oil and gas producers California Resources and Denbury Resources both filed for Chapter 11 bankruptcy. Together, those firms combined account for $7.7 billion in debt.
Now is the time for oil and gas companies emerging from Chapter 11 bankruptcy to adequately address their associated fresh-start reporting and valuation considerations.
The Chapter 11 bankruptcy also follows the departure of Fieldwood Energy’s founder, Matt McCarroll, in early July.