Samson Resources Emerges From Bankruptcy, Appoints New Board

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Tulsa-based Samson Resources Corporation announced on Wednesday that it has emerged from bankruptcy and discharged $4 billion in debt and $300 million of annual interest expense.

The company has transferred nearly all of its remaining assets and subsidiaries to a new company, Samson Resources II, LLC.

Samson Resources filed for Chapter 11 bankruptcy reorganization in September 2015. The U.S. Bankruptcy Court for the District of Delaware confirmed its reorganization plan on February 13, 2017. The new company will remain in Tulsa.

After emerging from bankruptcy, Samson II has greater than $60 million in total liquidity, including both cash on hand and available under a first lien revolving credit facility, a business plan that projects positive free cash flow and substantial commodity hedges to protect that liquidity position.

Samson II operates in East Texas, the Powder River Basin and the Green River Basin. The company plans to conduct a strategic review of its asset portfolio and develop a plan to maximize value for its stakeholders.

In accordance with the restructuring plan, Samson II has appointed a new Board of Directors consisting of Matthew W. Bonanno, Partner at York Capital Management; Eugene I. Davis, Chairman and Chief Executive Officer at Pirinate Consulting Group; Phillip A. Gayle, Jr., Managing Partner at Millennial Energy Partners; Joseph A. Mills, Chief Executive Officer of Samson Resources II, LLC and L. Spencer Wells, Partner at Drivetrain Advisors. Mills will continue to serve as Samson II’s President and Chief Executive Officer and Davis will serve as Chairman of the Board.