Tulsa-based onshore producer Midstates Petroleum Co. Inc. has emerged from voluntary bankruptcy protection with a new board of directors and nearly $2 billion less in debt.

The reorganization plan, confirmed by U.S. Bankruptcy Court for the Southern District of Texas in late September, eliminated $2 billion of debt and more than $185 million of annual interest expense. It had filed for protection in early May (see Shale Daily, May 2).

"I would like to thank our lenders and noteholders, members of our former board of directors, and all the financial, legal and restructuring advisers who worked tirelessly throughout this process and contributed to its successful outcome," said CEO Jake Brace. "We look forward to working closely with all of our key stakeholders going forward and we are excited about the opportunities that lie ahead."

The independent works in the onshore and currently is focused on the Mississippian Lime formation and the Anadarko Basin.

Midstates exited its restructuring last Friday with $75 million in total liquidity and a business plan that projects positive free cash flow at current strip pricing. The new capital structure includes a $170 million first lien revolving credit facility maturing in 2020.

Under the restructuring agreement, the previous board was replaced by seven members including Brace and Alan Carr, Patrice Douglas, Neal Goldman, Todd Snyder, Michael Reddin and Bruce Vincent.

Midstates also received approval for its common stock to continue to be listed on the New York Stock Exchange under "MPO."