Harold Hamm said increasing his holdings in Continental Resources stock underscored his confidence in the company, the value of which he believes is currently undervalued due to the COVID-19 pandemic.
The restructuring is expected to reduce Lilis Energy debt obligations by more than $34.9 million, rightsizing its bank indebtedness for future operations focused in the Permian Basin.
Rig count, oil production falls over the past week.
The Trump administration has slashed amounts oil and gas companies must pay for access on government-owned land during the COVID-19 pandemic.
“We are fundamentally resetting Chesapeake’s capital structure and business to address our legacy financial weaknesses and capitalize on our substantial operational strengths,” CEO Doug Lawler said in a statement.