New Gulf Resources is returning from bankruptcy with a new name and roughly 75,000 acres in the Eagle Ford Shale.
The Tulsa, Okla.-based company said July 7 it completed its financial restructuring and emerges with a clean balance sheet, ample liquidity, financial support and a new name—ETX Energy LLC.
The company currently holds assets consisting of about 75,000 acres primarily in Leon, Madison and Grimes counties, Texas. The assets target the Buda Rose and Eagle Ford Shale plays.
"This is a new beginning for our company," Ralph Hill, chairman and CEO, said in a statement. "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."
The company's post-emergence financing is from existing stakeholders led by an ad hoc committee of creditors, including Värde Partners, Millstreet Capital Management and PennantPark Investment Corp.
The ad hoc committee was advised by its financial adviser, PJT Partners LP, and Stroock & Stroock & Lavan LLP as legal counsel.
New Gulf Resources retained Barclays and Zolfo Cooper LLC as its financial and restructuring advisers, and received legal counsel from Baker Botts LLP.
The company emerged from Chapter 11 on May 13. The U.S. Bankruptcy Court for the District of Delaware confirmed on April 20 the company had completed its plan of reorganization.
Recommended Reading
CNX, Appalachia Peers Defer Completions as NatGas Prices Languish
2024-04-25 - Henry Hub blues: CNX Resources and other Appalachia producers are slashing production and deferring well completions as natural gas spot prices hover near record lows.
Chevron’s Tengiz Oil Field Operations Start Up in Kazakhstan
2024-04-25 - The final phase of Chevron’s project will produce about 260,000 bbl/d.
Rhino Taps Halliburton for Namibia Well Work
2024-04-24 - Halliburton’s deepwater integrated multi-well construction contract for a block in the Orange Basin starts later this year.
Halliburton’s Low-key M&A Strategy Remains Unchanged
2024-04-23 - Halliburton CEO Jeff Miller says expected organic growth generates more shareholder value than following consolidation trends, such as chief rival SLB’s plans to buy ChampionX.
Deepwater Roundup 2024: Americas
2024-04-23 - The final part of Hart Energy E&P’s Deepwater Roundup focuses on projects coming online in the Americas from 2023 until the end of the decade.