Greka Energy Corp., New York City, (Nasdaq: GRKA) has privately placed $30 million of secured debt with institutional investors as part of an overall restructuring that focuses its business on its integrated operations in Santa Monica, Calif. "This reengineering provides the company significantly better liquidity, a deleveraged balanced sheet, and focused management and operations," says Randeep S. Grewal, Greka chairman, chief executive officer and president. Durham Capital Corp. advised the New York upstream and midstream company in the transaction. Greka used the proceeds to retire its $14.3-million term loan with GMAC Commercial Credit LLC, and to pay Vintage Petroleum Inc. (NYSE: VPG) $12 million for interests in central California's Santa Maria Valley. The rest will be used as working capital. Greka owes Vintage an additional $6 million, which is to be paid within 12 months. The acquisition includes interests in five fields and approximately 110 producing wells, encompassing more than 5,000 acres of mineral interests and 800 acres of real estate. Greka will operate the properties, which produce an average 2,000 bbl. per day of heavy oil and 300,000 cu. ft. per day of gas. The additional production will raise the total throughput at Greka's asphalt plant 36% to total 3,400 bbl. per day, more than 90% of which will be equity barrels. Meanwhile, Greka sold its interests in Louisiana's Potash Field for $20 million and in an Indonesian prospect for a $4 million production payment and a retained 5% overriding royalty interest. CIBC World Markets represented the company in the Potash Field sale. Greka also has closed its offices in Bogota, Colombia, and Jakarta, and plans to close its Houston offices during July. -Petroleum Finance Week