Arsenal Resources Development LLC

Arsenal Resources Development LLC, a natural gas operator in the Appalachian Basin, said that it and certain of its affiliates have commenced chapter 11 cases in the Bankruptcy Court for the District of Delaware on November 8, 2019 to implement a pre-packaged plan of reorganization, pursuant to which the company will pursue a recapitalization transaction that includes a $100 million new equity investment made by certain funds affiliated with Chambers Energy Capital as well as by Mercuria Energy Co., two of the company’s most significant lenders, and a substantial deleveraging of the company’s balance sheet.