Vanguard Natural Resources LLC (NASDAQ: VNR) filed for bankruptcy protection, adding to a long list of energy firms that have succumbed to weak oil prices.
The Houston-based company said Feb. 2 it signed an agreement with certain bondholders that includes a $19.25 million equity investment, with some debtors backing a $255.75 million rights offering.
Vanguard also said it had obtained a $50 million debtor-in-possession financing facility, underwritten by Citibank NA, JPMorgan Securities LLC and Wells Fargo Bank NA.
The financing, which is subject to court approval, combined with Vanguard's cash from operations, is expected to give the company sufficient liquidity during the Chapter 11 process.
Paul Hastings LLP is serving as Vanguard's legal counsel and Evercore Partners is the company's financial adviser. Opportune LLP is the restructuring adviser.
Apache said it has reduced drilling activity at Alpine High and deferred completion activity into next year, resulting in a 5% decrease in production from the Permian Basin in the current quarter.
Delek Drilling is considering listing its holdings in the Leviathan natural gas field off Israel's Mediterranean coast on the London Stock Exchange as part of a corporate restructuring.
Oil and gas company Ophir Energy, which historically focused on Africa, has of late been concentrating on Asia, purchasing some assets from Australian peer Santos last year.