Tulsa, OK-based New Gulf Resources and certain subsidiaries completed its financial restructuring and emerged from Chapter 11 on May 13, 2016. Further, the company name will be changed to ETX Energy LLC.
The company has completed all required actions and satisfied the remaining conditions of its Plan of Reorganization, which was previously confirmed by the US Bankruptcy Court for the District of Delaware on April 20, 2016.
In accordance with the plan, NGR received post-emergence financing from existing stakeholders led by an ad hoc committee of creditors, including Värde Partners, Millstreet Capital Management, and PennantPark Investment Corp.
"This is a new beginning for our company. Proactively restructuring our balance sheet early in this period of low commodity prices has provided the company the best opportunity to create the most value for all of our constituents. With the restructuring behind us, and with the backing of the ad hoc committee, we are poised to build a premier energy company through organic development of our existing asset base and strategic acquisitions," said Ralph Hill, chairman and CEO.
Hill continued "Our assets currently consists of approximately 75,000 acres primarily in Leon, Madison and Grimes counties along with Walker and Brazos. We have been successful finding pay in all of our stacked pay carbonate zones of the Buda, Georgetown, Edwards and Glen Rose, the "Buda Rose" play as well as in the Eagle Ford Shale. We look forward to continuing to develop these plays and assets. Our vertical stacked play success has set the foundation for horizontal plays in our assets."
The ad hoc committee of creditors was advised by its financial advisor, PJT Partners LP and Stroock & Stroock & Lavan LLP as legal counsel.