Finance - Restructuring
With acreage the Barnett Shale, Delaware Basin and Horn River Basin, the company wants to reorganize and is continuing to pay vendors, maintain payroll.
Operations in the U.S. and Canada will not be interrupted due to the filings, and motions were filed with the court to ensure their continuation.
About $32 million in second-lien financing was also part of the exit financing.
David C. Baggett is managing partner of Opportune LLP, which Endeavour is working with during a financial restructuring, the company said.
The restructuring will "bolster liquidity," said Anthony C. Schnur, CEO.
As a result of the previously announced restructuring, Lone Pine whittled long term debt to CA $90 million, down from CA $395 million, the company said.
The name change and receipt of the stock symbol end the Dec. 9, 2013 asset purchase agreement between Bering Exploration and Breitling Oil and Gas Corp., the company said.
The Bank nominated Forth Worth-based Southwest Bank as successor
Company is in talks with lenders
Dakota Plains plans to decrease its total promissory notes outstanding from $26.6 million to $7.7 million.
The recapitalization provides for a non-brokered private placement, the appointment of a new management team and board of directors, and a rights offering to current holders.
Milton Cox has tendered his resignation as both the CEO and director; Sam Nastat has been appointed as the CEO and president.