EV Energy Partners LP(EVEP), the upstream master limited partnership of EnerVest Ltd., has agreed with its bondholders and lenders to restructure the company in a prepackaged Chapter 11 bankruptcy filing. The restructuring would among other things amend the company’s lending facility and eliminate more than $343 million of principal and interest on its senior notes. In exchange, creditors would receive 95% of the reorganized company’s equity. EVEP said it expects to file the bankruptcy plan by April 8. EnerVest Ltd. and EnerVest Operating LLC are not seeking bankruptcy protection. EnerVest Operating would continue to operate assets for EVEP in the San Juan Basin, Appalachian Basin and those in Michigan and Texas, including wells in the Barnett Shale and Permian Basin.
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Weatherford Gains in North American Land as Overhaul Continues
Tasked with turning around Weatherford International plc, CEO Mark McCollum said Wednesday challenging days still are ahead as management restructures and casts off dead weight.
Magnum Hunter Emerges From Bankruptcy Under New Leadership
Five months after it voluntarily filed for Chapter 11 protection, Magnum Hunter Resources Corp. has emerged from bankruptcy with new leadership after having ousting the former CEO and founder Gary Evans.
Magnum Hunter Emerges From Bankruptcy Under New Leadership
Five months after it voluntarily filed for Chapter 11 protection, Magnum Hunter Resources Corp. has emerged from bankruptcy with new leadership after having ousting the former CEO and founder Gary Evans.
Seventy Seven to Restructure, Convert $1.1B of Debt to Equity
Seventy Seven Energy Inc., the onshore oilfield services business spun off from Chesapeake Energy Corp., said Tuesday it plans to restructure under a prepackaged voluntary bankruptcy protection plan to be filed in May after reaching agreement with lenders.
Seventy Seven to Restructure, Convert $1.1B of Debt to Equity
Seventy Seven Energy Inc., the onshore oilfield services business spun off from Chesapeake Energy Corp., said Tuesday it plans to restructure under a prepackaged voluntary bankruptcy protection plan to be filed in May after reaching agreement with lenders.
Ohio Budget Bill Passes House Without New Oil, Gas Taxes
Legislators in the Ohio House of Representatives have passed a mid-biennium budget review bill but stripped out Gov. John Kasich’s proposals to restructure taxes and regulations on the oil and natural gas industry.
Ohio House Puts Brakes on Governor’s Tax Plans
Ohio Gov. John Kasich said he is prepared to fight his fellow Republicans in the General Assembly who are unenthusiastic about his plans to restructure taxes and regulations on the oil and natural gas industry.
Kasich Plan Spares Conventional Oil, Small Natural Gas Producers
Ohio Gov. John Kasich will reportedly unveil a proposal this week to restructure state taxes on oil and gas drilling and pass the savings along to Ohioans in the form of a personal income tax cut, but conventional oil drilling and small producers of natural gas would not be affected.
Kasich Plan Would Tax Unconventional Wells, NGLs
Ohio Gov. John Kasich will reportedly unveil a proposal next week to restructure state taxes on oil and gas drilling — including implementing new taxes on hydraulic fracturing (fracking) and natural gas liquids (NGLs) — then pass the savings along to Ohioans in the form of a personal income tax cut.
