Six months after exiting bankruptcy, Jones Energy II Inc. said it agreed Dec. 6 to sell its assets and merge with Revolution Resources, an affiliate of Mountain Capital Partners LP, for $201.5 million cash.

Jones Energy entered bankruptcy protection in April with secured and unsecured liabilities of more than $1 billion. The company, with assets in the Anadarko Basin in Oklahoma and Texas, emerged from reorganization 33 days later with a $225 million borrowing base agreement.

Jim Addison, Jones Energy’s chairman of the board, said the agreement marks the successful completion of its strategic alternatives process underway since earlier this year.

Already have an account? Log In

Thanks for reading Hart Energy.

Subscribe now to get unmatched coverage of the oil and gas industry’s entire landscape.

Get Access