Austin, TX-based independent Jones Energy Inc. late Monday said it had filed for Chapter 11 bankruptcy protection.

The producer, which earlier this month filed a restructuring support agreement, filed for relief in U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. A prepackaged Chapter 11 plan of reorganization also has been filed.

“The financial restructuring that we announced...is necessary to attain a capital structure suitable to optimize the value of the company’s assets and execute on its future business strategy,” CEO Carl Giesler said. “We are now focused on expediting an efficient in-court restructuring, maintaining operational continuity and momentum, and upholding our obligations --  including that of timely payment -- to our employees and vital vendors and stakeholders.”

The bankruptcy court approved the requested first day relief, allowing operations to continue as usual. Included are authorizations to continue to pay on a normal-course basis employee wages and honor existing benefit programs, pay taxes and remit royalties to mineral owners.

As of the filing, Jones had received votes from holders of about 92% in principal of the first lien notes and 83% in principal of the unsecured notes, all of which voted to accept the plan.

“With overwhelming stakeholder support for the plan, the court approved an expedited Chapter 11 timeline,” management said, with a deadline to vote to accept it on May 1.

Total proved reserves from its Oklahoma holdings were 68 million boe. Jones works in the western Anadarko Basin and within the Merge play in Oklahoma.

In the western Anadarko, the Cleveland formation is the focus, where Jones has an estimated 845 net drilling locations across more than 146,000 net acres. Production in 2018 averaged 13,100 boe/d.

In the Merge play, Jones is active in the Meramec and Woodford, where it has about 1,168 net drilling locations on nearly 22,660 net acres. Last year production averaged 8,500 boe/d.

The company expects to emerge from bankruptcy within two weeks of the plan being confirmed.

Kirkland & Ellis LLP is serving as legal counsel, and Evercore Group LLC is acting as financial adviser. Alvarez & Marsal North America LLC is the restructuring adviser.