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Chaparral Energy, the once bankrupt E&P, said that its CFO Scott Pittman and Mark Hoeve VP of Geoscience decided to retire with immediate effect. The company is focused on the shallow stack.
Timeline of Events:
On March 5, 2020: the company recieved a continued listing notification from NYSE as a result of the stock trading below $1 for a determined period of time.
On March 28, 2020: the company hired debt advisors
On April 6, 2020: The company drew down its revolver in the name of shoring up its balance sheet ($175 million) as a result, its banks reduced its borrow base and immediately the company was in breach of its covenant and has 6 months to pay back the outstanding balance $75 million.
As you can see from below the company has been out-spending cash flow from operations even after it filed bankruptcy once. One would think the company would have exited bankruptcy and be prodent with its debt accumulation.
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