Emerald Oil to sell assets through Chapter 11 proceedings

Emerald Oil Inc. and its subsidiaries (collectively referred to as the debtors) filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code on March 22 in the District of Delaware, pursuant to which the debtors plan to sell substantially all of their assets in a possible auction in July.

The assets consist of approximately 76,000 net acres in the Williston Basin in North Dakota. The debtors operated 100% of this total net acreage in the Low Rider and Lewis & Clark areas of McKenzie County, along with the Pronghorn Sand formation in Stark and Billings counties. As of Dec. 31, 2015, the debtors estimated the value of the assets at $291 million.

The debtors intend to conduct an auction process to maximize the value of the assets.       

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...