Chaparral Energy Inc., an independent producer focused exclusively on the Midcontinent, said its plan to exit bankruptcy protection has been approved by its bondholders, lenders and a bankruptcy court, and it plans to exit Chapter 11 by the end of the month.

Citing depressed commodity prices, the Oklahoma City-based company filed for Chapter 11 last May. At the time, Chaparral said it hoped to reach an agreement with its creditors for reducing bondholder debt by about $1.2 billion. In a statement Monday, Chaparral said the plan will eliminate that debt and gives its unsecured bondholders and general unsecured creditors 100% of the company’s ownership interest, subject to some dilution.

Under the plan, Chaparral’s capital structure, upon emergence from Chapter 11, will include cash on hand and a reserve based lending facility with an initial borrowing base of $225 million. Chaparral will also have an additional $150 million term loan. The revolver and the term loan will both mature in four years, the company said.

The plan, which was confirmed by the U.S. Bankruptcy Court of Delaware last Thursday, also includes $50 million of new money equity from a rights offering. Chaparral expects to have liquidity in excess of $100 million upon emergence. The company will also have a new, seven-member board of directors.

Chaparral is the third-largest oil producer in Oklahoma and holds more than 500,000 net acres in Oklahoma and the Texas Panhandle. It is focused on the Midcontinent — specifically, the Marmaton Play in both states, as well as the Mississippian Lime in northern Oklahoma and the STACK (Sooner Trend of the Anadarko Basin in Canadian and Kingfisher counties).

“Thanks to the hard work of everyone involved with this process, Chaparral will emerge from Chapter 11 within the next few weeks as one of the most financially-stable oil and gas companies of its size in the industry,” CEO K. Earl Reynolds. “This security, coupled with our outstanding STACK assets, will be the driving force behind Chaparral’s success for decades to come.”