Fort Worth, TX-based Energy and Exploration Partners LLC and its debtor affiliates have concluded their Chapter 11 financial reorganization after completing all required actions and satisfying the remaining conditions to effectiveness of their Plan of Reorganization, which was confirmed by the US Bankruptcy Court for the Northern District of Texas (Fort Worth) by order dated April 26, 2016.
ENXP emerges from chapter 11 having reduced its total debt by $1.1 billion and with a new capital structure.
In conjunction with its emergence from Chapter 11, ENXP also closed on its new $90 million senior secured credit facility, which will provide liquidity for ENXP after satisfying the company's debtor-in-possession obligations and other restructuring related expenses. All interest expenses related to this credit facility will be payable in kind.
Dr. Peter Hill has been appointed to the role of interim CEO of ENXP. He succeeds B. Hunt Pettit, who left the company in April 2016, after founding ENXP in 2006. Dr. Hill has over 40 years of experience in the international oil and gas industry. Since starting his career, Dr. Hill has worked for British Petroleum in various senior positions, including chief geologist, chief of staff for BP Exploration, and regional director for Central and South America, and subsequently held chief executive roles with and served on the boards of directors of a number of exploration and production companies. Dr. Hill has a B.Sc. (Honors) and a Ph.D. in Geology.
ENXP was advised throughout the process by Bracewell LLP, investment bank Evercore, financial advisor AP Services LLC, as well as Prime Clerk LLC and EnerCom Inc.
Energy and Exploration Partners LLC is an independent exploration and production operator based in Fort Worth, Texas, focused on the acquisition, exploration and development of unconventional oil and gas resources. The company's acreage position is predominately in an oil and liquids-rich basin in East Texas.