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Another Private MidCon E&P Files Chapter 11 Bankruptcy
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Templar Energy LLC is filing for bankruptcy and plans to liquidate and wind-down operations. The CEO Brian Simmons said the company has support from lenders to sell off asstes and pay off the debt as best as possible.
The company had $437 million of borrowings under its RBL as of August 2019. On April 1, 2020 the borrowing base redetermined and cut to $415 million, which means the company is in default since outstanding balance at the filing was $427 million.
The company produced at 12,208 boe/d gross and 23% oil.
As you might remember the company restructured its $1.45 billion in 2016.
This now follows a list of MidCon E&Ps that have filed bankruptcy, including: Jones Energy, Unit Corp,Tapstone, White Star and Echo.
Map of Company Acreage Production - 12,208 Boe/d (23% oil)(as of…
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