People | Capital Markets | Bankruptcy Exit | People - New Hire

Halcon Emerges from Bankruptcy; Taps Former Ajax Exec as New COO

Email    |    Print    |    Bookmark

You Need to login first

   |    Wednesday,October 09,2019

Halcón Resources Corp. has emerged from bankruptcy under Chapter 11 of the US Bankruptcy Code.

The Company eliminated more than $750 million in debt and more than $40 million of annual interest expense, significantly enriching its financial condition.

Effective at emergence, the Company has $147 million in availability under its new senior secured revolving credit facility, including $3 million in cash, $1 million in outstanding letters of credit and $130 million of borrowing, resulting in 1.3x total net leverage (net debt/LTM EBITDA). The Company has 16,204,282 shares of common stock outstanding and is governed by a Board of Directors comprising of Richard Little, Halcón’s Chief Executive Officer, William Transier, who serves as Chairman of the Board, William Carapucci, David Chang, Scott Germann, Gregory Hinds and Allen Li.

Mr. Little commented, “I’m excited to announce our emergence from bankruptcy under Chapter 11. This has been the culmination of a lot of hard work from the entire team, including our legal and financial advisors. I especially want to thank our former board members for their role in making the financial restructuring a success. I am eager to begin working with our new board as we continue to implement a culture of capital discipline in the safe development of our asset base. We remain focused on creating value and enhancing the financial flexibility we have achieved in this process.”

Appoints New COO

The Company is also pleased to announce the appointment of Daniel P. Rohling as Executive Vice President and Chief Operating Officer, effective October 8, 2019. Mr. Rohling replaces Jon Wright, who previously served in that role.

About Rohling:

Mr. Rohling has approximately 15 years of oil and gas operations experience and was most recently the Asset Vice President at Ajax Resources, LLC until it sold substantially all of its assets to Diamondback Energy, Inc. in October 2018 for $1.2 billion. Mr. Rohling began his career at EP Energy Corporation (El Paso Corporation) as an engineer and held various roles in operations, reservoir engineering, business development and management. As the Business Area Manager, Mr. Rohling was ultimately responsible for the development of over 350 wells in EP’s shale play covering over 180,000 net acres in the Permian before his tenure at Ajax. Mr. Rohling earned a Bachelor of Science degree in Petroleum Engineering from Texas A&M University and is an active member of the Society of Petroleum Engineers.