A&D - People & Companies - April 24, 2019Fort Worth-based Approach
Resources named Sergei Krylov as CEO,
succeeding J. Ross Craft, who resigned as
chairman and CEO. Krylov has
served as Approach’s EVP and
CFO since joining the company
in early 2014. He retains his duties as
CFO. The company also announced
that current director Jim Crain has been
named chairman. STACK pure-play Chaparral Energy
appointed Marcus “Marc” Rowland as
an independent director of the board.
Rowland is the founder and senior
managing director of IOG...
Apr 24, 2019
PS - People & Companies - March 21, 2019President Donald Trump nominated
David Bernhardt as Secretary of the
Interior to replace Ryan Zinke, who
resigned. Bernhardt was serving in
the role on an interim basis prior to his
appointment and was previous deputy
secretary of the department twice and
Interior department solicitor under
President George W. Bush. Bernhardt
must be confirmed by the Senate. Berry Petroleum appointed Donald
L. Paul to its board, effective Feb. 28. Don
Paul is currently executive
director of the...
Mar 21, 2019
PS - People & Companies - November 30, 2018 Abraxas Petroleum promoted
Steven P. Harris to VP and CFO. Harris,
with over 20 years of financial experience,
joined the company in June as director of
finance and capital markets. Prior to joining
Abraxas, Harris worked for Eagle Ford
driller Sundance Energy Australia, where
he assisted that company’s business
development and investor relations efforts.Alta Mesa announced the planned
retirement of VP, CFO and assistant
secretary Michael A. McCabe. To ensure
an orderly...
Nov 30, 2018
Samson sub will clear debt & put $7MM in coffersSamson Oil and Gas Ltd. said its
U.S. subsidiary will be able to retire all of its
debt, meet all of its other liabilities and end
up with nearly $7.0 million in cash from an
agreements to sell its Foreman Butte project
in North Dakota to Eagle Energy Partners,
I, LLC for $40 million. Samson said it
would retain a 15% stake in the field that
contains the “bulk of the identified upside
of the project.” A shareholders meeting will
be called to vote on the sale, the company
said in a June 26 press...
Jul 06, 2018
People & Companies - June 23, 2017Baker Hughes Inc. and General Electric Co. announced the new executive team that will lead Baker Hughes once its combination with GE’s Oil & Gas business is complete. Among the announced appointees were Lorenzo Simonelli as President and CEO; Brian Worrell as CFO; Nicola Jannis as chief business development officer; Belgacem Chariag as chief global operations officer; and Will Marsh as chief legal officer. In all, the pair announced a new 15-member leadership team. Richard N. Azar, II...
Jun 23, 2017
People & Companies - June 14, 2017Callon Petroleum sadly announced the unexpected passing of chairman and CEO Fred L. Callon on May 24. The Permian focused company’s board appointed Joe Gatto as the new CEO, who will continue to serve as CFO and president. L. Richard Flury, who has served on Callon’s board since 2004 and spent 30 years with Amoco, has been named non-exec chairman. Camber Energy named board member Richard N. Azar II interim CEO upon the resignation of Anthony C. Schnur, who had served in this role since...
Jun 14, 2017
Upstream players battle debt loads as cash flow shrinksUpstream companies declaring bankruptcy year to date have generally been in the small cap arena, though we are expecting Samson Resources to file a Chapter 11 reorganization Sept. 15. As oil prices remain low, larger companies will leveraged balance sheets may be forced to head to the courthouse. One highly leveraged company is Linn Energy. Linn said in July it would suspend its distribution to shareholders at the end of Q3, and its stock, which is popular with retail investors, took a...
Aug 31, 2015
Riverstone triples down on Three Rivers to fund Permian buysFor the third time in five years, Riverstone Holdings LLC is putting its PE muscle behind Mike Wichterich’s Austin-based Three Rivers team. Riverstone announced an equity commitment of up to $500 million to newly formed Three Rivers Natural Resource Holdings III LLC, which like its predecessors will pursue acquisition opportunities in the Permian Basin. Three Rivers management is also investing in the new firm.The relaunch follows the sale in 4Q14 of Three Rivers II to Occidental for...
Apr 13, 2015
CM - Debt & Credit Briefs - May 15, 2020Battalion Oil Corp. and lender BMO amended the company’s revolving credit facility to reduce the borrowing base to $200 million on April 30. The borrowing base will be further reduced by $5 million each month from Sept. 1 to Nov. 1, the company reported. CEO Richard Little said Battalion has substantial liquidity from its hedge portfolio and was “well positioned to preserve our strength for the future.” Chaparral Energy’s reserve-based lending facility was decreased to $175 million from...
May 15, 2020
IC - Australia & Oceania Briefs - May 01, 2019Samson Oil & Gas Ltd.’s US
subsidiary closed a $33.5 million refinancing
with AEP/FINCO LLC, the credit arm of
Anvil Energy Partners. Interest on the fiveyear facility is payable at LIBOR plus 1050
bps. In connection with the facility, Samson
entered into swap arrangements covering
770,000 bo, fixing its price at $55.45/bbl
weighted average. This volume represents
about 85% of Samson’s currently expected
PDP reserves. New borrowings will retire
existing credit, repay creditors and...
May 01, 2019
CM - Debt & Credit Briefs - April 18, 2019Comstock Resources, Inc.
launched an offer on April 16 to
exchange all of the 9.75% senior notes
due 2026 outstanding that were issued
unregistered for the same
amount of identical notes
with a registration. The B rated notes
were issued last July and have $850
million principal amount outstanding. Any
original notes not tendered for exchange
will remain outstanding and continue to
accrue interest. The company would have
no further obligation to provide for the
registration of the notes....
Apr 18, 2019
A&D News Briefs - May 23, 2017Carrizo Oil & Gas' leasehold position in the Eagle Ford has gone from 101,600 to 103,000 net acres through the addition of 900 net acres after the closing of the final part of its $181 million acquisition from Sanchez Energy, implying 800 net acres in new bolt-ons. Carrizo added a total of 15,000 net acres with 3,000 boe/d production in LaSalle, Frio and McMullen cos. in the $181 million deal that was announced on Oct. 24. Fort Worth, TX-based startup Chisholm Energy Holdings closed its...
May 23, 2017
People & Companies Briefs - November 25, 2015Non-op player Bakken Resources Inc. appointed Solange Charas as an independent director to fill a vacancy on its board. Charas has more than 25 years of institutional experience, particularly in corporate governance, compensation standards and corporate best practices. She is currently CEO of boutique human resources firm Charas Consulting, chief human resources officer and a board member of Integral Board Group LLC and an adjunct professional studies professor at New York...
Nov 25, 2015
People Briefs - July 08, 2015• Apache announced the retirement of Rodney J. Eichler, EVP and executive advisor to the CEO, after 21 years with the company. Eichler played a significant role in growing Apache’s overseas businesses as international COO and, in particular, built its position in Egypt’s Western Desert as country manager. He also led Apache’s global LNG business and facilitated the April 2015 sale of that business as upstream CEO of the Kitimat LNG project. Before joining Apache in 1993, Eichler served as...
Jul 08, 2015
A&D News Briefs - April 14, 2015Aspect Energy has sold assets in Escambia County, Ala. It divested 0.2-34% WI in 14 non-operated wells producing 1.5 MMcfe/d from the Smackover. Cash generation is $330,000/month. The PDP reserves have a low decline rate and there are upside opportunities from facility optimization and additional formations.Austin Exploration has formed a JV with Pierre Energy Partners to develop its Pierre shale assets in Fremont County, Colo. Austin currently has 100% WI in 11,560 acres. Pierre will...
Apr 14, 2015