E & P News
Gear Energy Turns on Taps After Curtailing Production by 80% in May
Gear Energy Ltd. reported updates to current and future expected operations. Puts Restricted Production Back Online With recent improvement in oil prices, Gear has initiated a gradual production…
Denbury Skips Interest Payment; Draws Down Credit Facility by $200MM
Denbury Resources Inc. has reported two financial developments, according to its most recent SEC filing (dated June 30, 2020). Skips Out on Interest Payment Denbury will not be…
Lilis Energy Delisted from the NYSE; Moves to Pink Sheets
Lilis Energy, Inc. received notice that it has been suspended from trading on the NYSE American and delisting proceedings have been initiated. This follow's the company's Chapter 11…
Rosehill Resources Enters into Restructuring Deal with Lenders
The southern Delaware Permian E&P filed for chapter 11 bankruptcy protection. The company was able to secure $17.5 million in capital to continue operating while in bankruptcy.
TORC Oil & Gas Credit Facility Reaffirmed at $425 Million
TORC Oil & Gas Ltd. reported that its credit facility has been confirmed by its lenders at $425 million, with the borrowing base determination dates under the credit…
Journey Energy Gets Extension on Forebearance Agreement
Journey Energy Inc. has been awarded an extension to the forbearance agreement with its banking syndicate. The company's syndicate of lenders extended the current forbearance agreement until July…
Yangarra's Credit Line Confirmed at $210MM; 93% Currently Drawn
Yangarra Resources Ltd. has completed its annual borrowing base review and the syndicated senior credit facility has been confirmed at $210 million. Currently, Yangarra has drawn approximately $195…
Shell Expects Impairment Charge of Up to $22 Billion for Q2
Shell has reported an update on several matters, including announcing an expected impairment charge related to several assets. $15-22 Billion Impairment Charge Expected in Q2 The company expects…
Conoco Gives Curtailment Outlook; Plans Production Restart in July, Beyond
ConocoPhillips announced an update on its curtailments. In Q2 2020, the company had 225 MBOEPD net in curtailments (primarily oil) - 65% were in the Lower 48, 15%…
Diversified Gas & Oil's Credit Line Reaffirmed at $425 Million
Diversified Gas & Oil's lending group, led by KeyBank National Association, has reaffirmed the existing $425 million borrowing base. The Bank Group also approved amendments enhancing the Company's…
Delaware Permian E&P Files Bankruptcy, Will Liquidate
Lilis Energy Inc. has filed for bankruptcy. This comes after several developments including David Wood resigning as Chairman in March 2020 as well as several extensions on borrowing…
Chesapeake Energy Files Chapter 11 Bankruptcy
Chesapeake Energy Corp. has voluntarily filed for Chapter 11 protection in the U.S. The plan will call for the elimination of $7 billion in debt. As part the…
Berry Corp. Borrowing Base Reduced to $200MM; Hedges Added
Berry Corp. reported that it has seen a reduction in its RBL elected commitment to $200 million. This reduction equates to an annual savings of $1 million. Cary…
Penn Virginia Director Leaves Board After Selling Shares at Massive Loss
Penn Virginia Corp. announced the resignation of Brian Steck from Penn Virginia's Board of Directors effective June 26, 2020. His resignation came after a reduction of Mangrove Partners'…
California Resources Discussing Bankruptcy Terms with Creditors
California Resources may be headed toward bankruptcy, as it is currently discussing the possibility with its lenders, according to a 10Q statement filed on June 25th, 2020. The…
| Commodity | Price | % Change |
|---|---|---|
| Brent Crude Oil | 94.99 | -14.10% |
| Light Crude Oil | 89.46 | -12.37% |
| Natural Gas | 3.04 | 10.14% |