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Private Mid-Con E&P Files for Bankruptcy; Exploring Sale of Biz
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White Star Petroleum, LLC announced that it has filed for Chapter 11 bankruptcy protection and is simultaneously is exploring strategic alternatives, including the sale of its business.
White Star was formed in 2016 out of American Energy Partners' Woodford-focused subsidiary. It went on to raise $210 million in November 2016.
Its primary asset was purchased from Devon Energy in April 2016 for $200 million. The assets consisted of property across Payne, Lincoln, Logan and Garfield Counties in Oklahoma, including:
Acreage : 210,000 Net Acres (largely contigious) Production : 12,800 Boe/d (30% liquids) Reserves : 11 MMboe (1P)The company subsequently went on to acquire more acreage in 2016 and 2017 in the Woodford, MissLime, Cleveland and Tonkawa plays.
Its total acquired assets…
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