Finance - Restructuring
CEO Ronnie Steinocher: "This new loan...should also be seen as a significant and positive step forward for assisting with the implementation of our pending acquisitions."
White Deer will purchase $60 million of the company's 12% cumulative redeemable preferred stock.
The company has reduced the size of its board from six independent directors to two independent directors.
The company has 25 workover rigs based in Liberal, Kansas, that service the Hugoton Basin and Central Kansas Uplift.
The company has decreased its total liabilities from $1.3 million as of Sept. 30, 2010 to $531,000.
The company is relaunching its oil production business to take advantage of near record prices for crude oil.
Epic Energy has also reached an agreement in principal with the debenture holders to provide the company with a debtor-in-possession financing during the reorganization.
The company has extended the deadline for submitting ballots to accept or reject the prepackaged plan of reorganization to 5:00 p.m. Eastern Time on April 18.
Virgin is currently a debtor in possession under a Chapter 11 proceeding.
At year-end 2010, the board elected to make some radical changes and cost reductions under a major Restructuring Plan.
To assist in the review process, Cross Border has engaged KeyBanc Capital Markets as its financial advisor.
An aggregate of $172.8 million in principal amount, or 99.8%, of the Existing Notes were tendered in the exchange offer, which expired on March 9.
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