Email
Print 
Bookmark
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
Related Categories :
People-Resignation
More People-Resignation News
-
International Petroleum Taps New COO
-
Industry Vet Lynn Peterson Poised to Take Helm of Whiting Petroleum
-
Laredo Petroleum Adds New Director to Board
-
US Silica President Resigns from Company
-
Penn Virginia Director Leaves Board After Selling Shares at Massive Loss
Mid-Continent News >>>
-
U.S. Frac Crews/Spreads Increase This Week by +3 (Week Ending - 9/18/2020)
-
DISTRESS TRACKER: Bankruptcies, Defaults, Forbearance, Skipped Payments, Etc.
-
EIA Reports Crude Oil Inventory Draw of 4.4 Million Barrels; WTI Jump to $40 -
-
Why the Drilling & Completion Market Will Stay Robust through Year-End
-
U.S. Frac Crews/ Frac Spreads Increase By +5. Up 20 Percent : Week Ending : 9-4-2020
