Emerald Oil emerges from bankruptcy, changes name

Emerald Oil Inc. and its subsidiaries completed a Section 363 sale process and emerged from Chapter 11 bankruptcy protection as a debt-free entity. Emerald Oil filed voluntary Chapter 11 petitions in March 2016.

The company officially concluded its Section 363 process after completing all required actions and satisfying the conditions of its bankruptcy sale plan, which was confirmed by the US Bankruptcy Court for the District of Delaware by order dated November 1, 2016.  The company reduced its long-term debt by approximately $278 million.

Going forward, the company, majority owned by Crestline Investors and Fir Tree Partners, will operate under the new name “National Oil Production Company LLC.” The Denver, CO-based operator is focused on producing oil and gas wells and developing oil and gas leasehold in the Williston Basin of North Dakota, targeting the Bakken and Three Forks shale oil formations and Pronghorn sand oil formation.



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

Whitepapers

Maximizing Operational Excellence

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

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...