Finance - Restructuring
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.
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 is relaunching its oil production business to take advantage of near record prices for crude oil.
The company has decreased its total liabilities from $1.3 million as of Sept. 30, 2010 to $531,000.
The company has 25 workover rigs based in Liberal, Kansas, that service the Hugoton Basin and Central Kansas Uplift.
The company has reduced the size of its board from six independent directors to two independent directors.
White Deer will purchase $60 million of the company's 12% cumulative redeemable preferred stock.
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."