Tulsa-based Samson Resources Corp. has filed for Chapter 11 bankruptcy and said it expects its restructuring to provide “a significant deleveraging” as well as $450 million of new capital.

The move had been expected; the company announced restructuring plans last month (see Shale Daily, Aug. 17).

“The steps we are taking will allow our company to maximize future opportunities and compete more effectively with significantly less debt on our balance sheet,” said CEO Randy Limbacher. “We fully expect to operate our business as usual throughout this process and to emerge as a financially stronger company.”

Motions filed in the proceeding, if approved by the United States Bankruptcy Court for the District of Delaware, would allow Samson to continue producing oil and gas from its existing operations, pay employee wages, honor existing employee benefit programs and pay royalties to mineral owners under the current terms of these agreements.

The company has also filed a motion seeking authority to pay operating expenses associated with production activities, joint interest billings for nonoperated properties, marketing expenses, shipping and storage costs, payments for any goods delivered within 20 days prior to the filing and payments for goods ordered prior to the filing but not yet delivered.

The company has a previously announced commitment from second lien lenders to provide at least $450 million of new capital to boost liquidity after the reorganization and permanently pay down first lien debt. Second lien lenders, together with the second lien lenders that are backstopping the equity rights offering, will own substantially all of the equity in the reorganized company. A hearing to consider confirmation of the plan is expected by Dec. 1.

Samson operations are mainly in in Colorado, Louisiana, North Dakota, Oklahoma, Texas and Wyoming. Samson operates or has interests in about 8,700 oil/gas production sites and has about 1.5 million net acres in the Williston, Powder River, Greater Green River, San Juan, Anadarko and East Texas basins.