Oklahoma Oil and Gas Operator Gets Fresh Start and Emerges from Bankruptcy

Houston’s EV Energy Partners, L.P. , an upstream oil and gas business, has wiped out $355 million in debt and emerged from Chapter 11 bankruptcy. It also has a new name—Harvest Oil and Gas Corp., a firm with operations offices in Elk City, Oklahoma.

The company said it significantly enhanced its financial flexibility through restructuring. It also entered into an amended and restated credit facility providing for a new reserve-based revolving loan agented by JPMorgan Chase Bank with a $1 billion maximum credit.

However the initial borrowing base is $325 million. Even after bankruptcy and a new name, the company still has total debt outstanding of $297 million and $21 million cash on hand. Its total liquidity will be about $46 million.

Before taking a new name, EV Energy was owned by parent company EnerVest Ltd. based in Houston. EnverVest did not file for bankruptcy.

 

EV Energy Partners was founded in 2006 to help EnerVest acquire and manage oil and gas assets.

%d bloggers like this: