Joshua Sussberg said the continuing dive in commodity prices has unraveled the company's restructuring support agreement, which was struck just before it entered bankruptcy, Reuters reported.
The SEC says Luca International Group hit up investors for the E&P while hiding huge losses. Luca’s founder is accused in a federal suit of using investor funds on a $2.5 million house.
MRD has ongoing “grass roots” leasing efforts in Louisiana. Since January, the company has increased its acreage by 276% since its IPO in 2014.
The company's fluid services business has been the most resilient. This is due to its salt water disposal well network, especially in markets like the Permian Basin.
The Cotton Valley is the only game in town as activity dwindles in the Barnett and Fayetteville. Survey respondents pointed towards idled equipment and crews as the cause of the slowdown.
The activity increase in the Cotton Valley play, where higher bottomhole pressures are encouraging use of crosslink gels, has offset declines in the Barnett and Fayetteville shales.
The company will acquire 45,121 net Cotton Valley acres, pushing its total holdings past 190,000 net acres. The company plans to fund the deal through an equity offering.
Also, the company said that the borrowing base under its senior secured revolving credit facility was increased to $1billion from $725 million in a regular semiannual redetermination.
Samson Resources Corp.’s lenders target restructuring deal for $4.15 billion debt. A $110 million interest payment on bonds is due Aug. 15, people with knowledge of private matter told Bloomberg.
Tokyo-based trader Itochu Corp. lost 38 billion yen (US$317 million) on low energy prices from its 25% stake in KKR’s 2011 buyout of Tulsa, Okla.-based Samson Investment Co., Bloomberg said.