Learn more about Hart Energy Conferences
Get our latest conference schedules, updates and insights straight to your inbox.
MD America Energy LLC appointed Mike Dye as its next CEO, the private Texas-based oil and gas operating company said, in connection with the recent completion of its financial restructuring.
Based in Fort Worth, Texas, MD America engages in the acquisition, development, exploitation and production of crude oil and natural gas properties in East Texas. The company had terminated the employment of its former CEO, Eric Waller, shortly before its bankruptcy.
In a Dec. 24 release, MD America announced it had emerged from bankruptcy after the successful completion of its financial restructuring. The company had voluntarily filed for Chapter 11 protection in early October.
Dye, who most recently served as the company’s CFO, brings more than 20 years of industry experience and 10 years of banking experience to the role. Prior to joining MD America in October 2018, he served as vice president of financial services with Basic Energy for nine years. He most recently oversaw MD America’s $200 million term loan completed in November 2018.
Under a reorganization plan confirmed on Dec. 14, MD America said a significant portion of its debt was converted into new equity, allowing MD America to emerge from the Chapter 11 process with a “robust balance sheet and with a solid foundation for future growth and success.”
“With our new capital structure in place, we are well poised to vigorously compete in today’s fast-changing oil and gas sector, particularly in this challenging economic environment,” Dye commented in a statement on Dec. 24. “I look forward to working hand-in-hand with the board, our management team and dedicated employees as we continue building on this momentum to shape a brighter future for MD America.”
While at the helm of MD America, Dye will be supported by COO Tim Bozeman and Brooklyn George, who has been promoted to CFO after previously serving as the company’s controller.
MD America’s assets currently consist of approximately 71,000 net acres with over 300 drilled and operated wells, according to the Dec. 24 company release.
MD America is controlled by Meidu Energy Corp., its parent company which is publicly listed on the Shanghai Stock Exchange. Meidu acquired Woodbine Acquisition Corp. in 2013 and changed the operating company’s name to MD America Energy LLC.
The company was advised during the restructuring process by Paladin as chief restructuring officer and financial adviser. The law firm of Porter Hedges LLP served as its legal adviser.
Vinson & Elkins LLP (V&E) advised the secured term loan lenders in connection with MD America’s prepackaged Chapter 11 bankruptcy cases and financial restructuring process. The V&E team was led by partners Steven Abramowitz, Cris Dewar and David Meyer.
2023-12-04 - More and better data, coupled with ever-increasing computing power, have revolutionized seismic processing.
2024-02-05 - TGS and SLB’s seventh program within the joint venture involves the acquisition of 157 Outer Continental Shelf blocks.
2023-12-13 - Validere’s Carbon Hub emissions management software looks to push the industry past Microsoft Excel spreadsheets and into the world of machine learning.
2023-12-22 - Starting from the desired outcome, or right to left thinking, drives the lifecycle information management approach for planning data strategies that achieve specific goals.
2024-01-09 - Automated drilling systems don’t get tired, forgetful or concerned about the type of rig or formation.