Tulsa-based Midstates Petroleum Company, Inc. announced Friday that it has emerged from Chapter 11 bankruptcy protection, eliminating $2 billion of debt and more than $185 million of annual interest expenses, according to a report by The Oklahoman.
Midstates’ new capital structure consists of a $170 million revolving credit facility and nearly $75 million in total liquidity.
Low oil prices resulting from the energy industry downturn coupled with difficulty meeting debt obligations forced Midstates to file for bankruptcy protection on May 1. The company declared total assets of $679 million and total debt of more than $2 billion on its bankruptcy petition.
In accordance with the oil and natural gas producer’s Plan of Reorganization which was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on September 29, 2016, Midstates has appointed a new Board of Directors effective Friday. The new Board of Directors consists of seven members including: Alan Carr, Patrice Douglas, Neal Goldman, Todd Snyder, Michael Reddin, Bruce Vincent and Jake Brace.
“We look forward to working closely with all of our key stakeholders going forward and we are excited about the opportunities that lie ahead,” said Jake Brace, President and Chief Executive Officer.
Midstates also received approval for its common stock to be listed for trading on the New York Stock Exchange. The common stock will begin trading on Monday. The trading symbol for the common stock is “MPO,” which is the same trading symbol used for the Company’s common stock when it previously was listed on the NYSE.
Midstates produces oil and natural gas in the Mississippian Lime play in Oklahoma and in the Anadarko Basin in Oklahoma and Texas.