Oklahoma City-based Chaparral Energy, Inc., a privately held company that survived two bankruptcies since 2016, announced its corporate rebranding to Canvas Energy Inc., completing its strategic transformation.
The rebranding includes the launch of a new name, logo, website, and updated corporate presentation that build on the Company’s premier operations and financial strength.
“Our new brand represents a renewed sense of purpose, enthusiasm, and commitment to our employees, stakeholders, vendors, and local communities to name a few,” said Chief Executive Officer Chuck Duginski. “With fresh assets and a strong balance sheet, we have significant flexibility and are able to self-fund our strategy out of operating cash flow.”
In announcing the rebranding, Duginski said Canvas embodies who the company is today and where it is striving to go in many ways.
“In art, a blank canvas is a platform on which the artist makes their creative mark. To canvas a group or an area is to examine it carefully, leaving no detail unobserved. In sailing, a ship’s canvas is the set of sails that propels the vessel forward under the skillful control of the crew. Our logo also honors Oklahoma’s oil and gas heritage, while leaning forward toward the future.”
Canvas Energy will maintain its headquarters in Oklahoma City, Oklahoma. The updated branding will be rolled out over the coming months, with immediate changes to the website and contact information.
Previously known as Chaparral Energy, the company was founded in 1988 but filed for Chapter 11 bankruptcy in August 2020, emerging in October of that year as a private, non-SEC filing company. It was the second bankruptcy since 2016. At the end of 2019, Chaparral had nearly $421 million of debt outstanding.
The company’s financial struggles led to its sale of its headquarters building in north Oklahoma City in the fall of 2019.
Skybridge Real Estate acquired the offices located at 701 Cedar Lake Boulevard in northeast Oklahoma City.
Rebranded as Canvas Energy, the company is now located at 4700 Gaillardia Parkway, Ste. 200.