NGP Capital Resources Co. (NASDAQ: NGPC) announced that R. Kelly Plato, the company's senior vice president, is leaving the company to pursue other business opportunities. The company also announced that Hans Hubbard and Chris Ryals have each been promoted to the position of managing director.
The company also announced recent developments in its investments in Black Pool Energy Partners LLC and GMX Resources Inc.
Effective as of July 31, 2012, the company's senior secured term loan with Black Pool, which had a balance of $15.7 million as of June 30, 2012, was restructured. Huff Energy Holdings Inc., a newly formed private oil and gas company that merged with Black Pool, agreed to assume the term loan and became the new borrower under the related credit agreement.
The company retained its first lien on the original Black Pool properties and was granted a first lien on additional proved developed properties of certain HEH subsidiaries. In exchange for the increased collateral, the company agreed to reduce the interest rate under the term loan to 11% and to extend the maturity to April 15, 2013.
In connection with the restructuring, the company agreed to sell its 3% overriding royalty interest in oil and gas wells operated by Black Pool, and penny warrants to purchase approximately 25% membership interest in Black Pool, back to Black Pool for $0.1 million.
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