Energy and Exploration Partners Inc. (ENXP) said Dec. 7 it has filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code.

The filing converts the involuntary petition for ENXP Operating LP filed by certain vendors into a voluntary petition, the release said.

Prior to the filing, the company initiated a reduction in staffing to match its personnel levels with its expected activity levels in the current commodity price environment.

Several senior executives also resigned to pursue other interests, including:

  • Executive Vice President Business Operations and Development Robert Karpman;
  • Executive Vice President of Acquisitions and Divestitures David Patty;
  • COO John Richards;
  • Chief Accounting Officer Jim Howe; and
  • CFO Brian Nelson.

John Castellano, of AlixPartners LLP, will join the company as interim CFO. The other roles will be covered by existing personnel during the restructuring process, the release said.

ENXP also secured commitments for up to $135 million of new debtor-in-possession financing from a group of its existing senior lenders, subject to court approval. Proceeds will fund its operations during the restructuring process.

ENXP said it has been and continues to work closely with its suppliers and business partners to ensure its business continues uninterrupted. The company "fully expects" to continue producing oil and gas and maintain adequate staff.

The Fort Worth, Texas, company owns acreage in the East Texas Basin and the Denver-Julesburg Basin.

Bracewell & Giuliani LLP is ENXP's legal adviser. The company has engaged AlixPartners LLP as its restructuring adviser. Evercore is its investment banker.