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Bakken E&P Black Ridge Inks Restructuring Agreement
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Black Ridge Oil & Gas, Inc. announces a restructuring agreement with the Company's subordinated lender, Chambers Energy Management, LP and related entities. Please reference the Company's Preliminary Form 14C and 2015 Form 10-K filed with the SEC on March 30, 2016 for additional information regarding this transaction.
Black Ridge Assets:Per the terms of the agreement, all of the oil and gas assets (including working capital and tangible and intangible assets) currently owned by the Company, together with the liabilities from the Assets and the liabilities from the Company's Senior Revolving Credit Facility and Subordinated Credit Facility, will be contributed to Black Ridge Holding Company, LLC, a new entity controlled and majority-owned by Chambers. Black Ridge will have an initial…
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