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.

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