Latest News and Analysis
Deals and Transactions
Track Drilling (Rigs by operator) | Completions (Frac Spreads)

People | People-Resignation

Chaparral Energy Execs Jumping Sinking Ship; CFO & VP Depart

emailEmail    |    printPrint    |    bookmarkBookmark
   |    Monday,April 20,2020

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.

 


US Frac Crews Tracking

ad

Related Categories :

People-Resignation   

More    People-Resignation News

Mid-Continent News >>>