After months of struggle and dashed hopes, E&P Miller Energy Resources Inc. (MILL) said Oct. 1 that it filed for Chapter 11 bankruptcy to reorganize and secure financing.
Miller Energy, based in Houston, entered bankruptcy protection with a pre-negotiated plan it lined up with second lien holders.
The company, which primarily operates in Alaska, has agreed upon a term sheet with Apollo Investment Corp. and affiliates of Highbridge Capital Strategies for a comprehensive financial restructuring. The term sheet includes a proposed reorganization and a debtor-in-possession (DIP) loan facility of up to $20 million.
In its bankruptcy filing, Miller and its subsidiaries listed assets of $392.6 million and liabilities of $336.9 million.
Miller is the latest oil and gas company to file for bankruptcy protection amid a downturn in commodity prices.
Anchorage already owns a third of the Beluga River Unit’s interest and is considering adding 5,700 acres ConocoPhillips is divesting. The purchase has encountered little opposition.
Denver’s Resolute, battling back debt, could gain $158- to $237 million from the sale of its acreage in the Gardendale area of West Texas, an analyst said.
In 2015, Chesapeake is poised to outspend its discretionary cash flow by $1.3 billion. The company will take a $55 million one-time charge as it lets 740 employees go.
Through a combination of cash, revolver and proceeds for the sale of its midstream assets—acquired from Royal Dutch Shell—Sanchez’s liquidity will shoot to more than $900 million.
Bill Barrett improves its liquidity with the deal and also announces plans to reduce capex, idle a rig and enjoy robust oil and gas hedges while still growing production.
Energy Transfer tweaks its June offer with $6 billion in cash and will form a partnership that will be treated as a corporation for tax purposes called Energy Transfer Corp. LP.
Thigpen, an oilfield fuel solutions provider, recently changed its market focus to industrial and pipeline integrity projects and has seen business grow tenfold in the past six months.
Oklahoma City independent NewWoods Petroleum, successor to RKI Exploration and Production, plans to take a stand in the Powder River Basin, where it has 340,000 net contiguous acres and production of 10,000 boe/d.
Low decline rates and predictability put conventional assets at the top of this acquirer’s shopping list. Throw in a solid hedging strategy and cost control, and returns can be very attractive.
Halliburton joins forces with Palantir Solutions, will pay an $18 million Department of Labor fine and continues to market assets as part of its merger with Baker Hughes.
The company will acquire 45,121 net Cotton Valley acres, pushing its total holdings past 190,000 net acres. The company plans to fund the deal through an equity offering.
|Mid||USD 37700||Members only||Williams Cos. Inc.|
|E&P||USD 283.8||Members only||Rockcliff Energy LLC|
|S&S||USD 0||Members only||TRF Energy Solutions LLC|
|E&P||USD 345||Members only||Sanchez Energy Corp.|