Lower 48 producer Vanguard Natural Resources Inc. has emerged from Chapter 11 bankruptcy as a new limited liability company under the name of Grizzly Energy LLC, the independent said Tuesday.
The Houston-based producer filed for bankruptcy protection in February 2017 and announced the particulars of its reorganization plan in March 2018. Vanguard had planned to shed assets and focus growth in the Piceance Basin in Colorado, the Pinedale Anticline in Wyoming and the Arkoma Basin in Oklahoma.
Grizzly currently has proven reserves of 1,044 Bcfe, 64% weighted to natural gas , 20% to oil and 16% are natural gas liquids (NGL). The company said 91% of the reserves are considered proven and developed, and have an average 10-year proved developed decline rate of 9%.
Roughly 86% of the proven reserves are in the Green River, Piceance, Arkoma, Permian and Big Horn basins.
Now as Grizzly, the company has eliminated $500 million of secured debt and entered into a new $65 million revolving credit facility.