Samson Resources Corp.'s reorganization plan was overwhelmingly approved by voting creditors, the Tulsa, Okla.-based company said Feb. 13.
In September 2016, Samson filed for Chapter 11 bankruptcy to reduce debt and create a capital structure that will pave the way for a "successful future," said Andrew Kidd, the company's president, CEO and general counsel.
"Our emergence from Chapter 11 will allow us to move past a challenging period for Samson and others in this industry and once again devote our full attention to running our business as our industry continues its recovery," Kidd said in a statement.
RELATED: Reeling Samson Resources, Once Worth $7 Billion, Files For Bankruptcy
Samson is a privately held E&P with operations primarily located in East Texas, Louisiana and Wyoming. The company operates, or has royalty or working interests in, about 531,000 net acres of oil and gas properties, according to its press release.
Samson is advised by PJT Partners Inc., Alvarez & Marsal North America LLC, Kirkland & Ellis LLP and Klehr Harrison Harvey Branzburg LLP.
Recommended Reading
Midstream M&A Adjusts After E&Ps’ Rampant Permian Consolidation
2024-10-18 - Scott Brown, CEO of the Midland Basin’s Canes Midstream, said he believes the Permian Basin still has plenty of runway for growth and development.
Post Oak-backed Quantent Closes Haynesville Deal in North Louisiana
2024-09-09 - Quantent Energy Partners’ initial Haynesville Shale acquisition comes as Post Oak Energy Capital closes an equity commitment for the E&P.
Analyst: Is Jerry Jones Making a Run to Take Comstock Private?
2024-09-20 - After buying more than 13.4 million Comstock shares in August, analysts wonder if Dallas Cowboys owner Jerry Jones might split the tackles and run downhill toward a go-private buyout of the Haynesville Shale gas producer.
Aethon, Murphy Refinance Debt as Fed Slashes Interest Rates
2024-09-20 - The E&Ps expect to issue new notes toward redeeming a combined $1.6 billion of existing debt, while the debt-pricing guide—the Fed funds rate—was cut on Sept. 18 from 5.5% to 5%.
Dividends Declared Sept.16 through Sept. 26
2024-09-27 - Here is a compilation of dividends declared from select upstream, midstream and service and supply companies.