mately 60% of the outstanding principal amount of loans under
the Credit Agreement and Noteholders holding 99% of the
aggregate outstanding principal amount of the Senior Notes.
Collectively, these supporting Lenders and Noteholders also
constitute a majority in number of the holders of General Unsecured Claims. The Debtors have filed applications to retain,
among others, Weil, Gotshal & Manges LLP as restructuring
counsel, Jones Walker LLP as corporate counsel, Lazard Frères
& Co. as investment banker, and AlixPartners, LLP as restructuring advisor.
HP PIPING SOLUTIONS ACQUIRES
OCO CONTROL SYSTEMS
OCO Pressure Control, a custom designer and manufacturer
of BOP control systems, choke and kill manifolds, and hydrostatic test units has been acquired by HP Piping Solutions. HPPS
is a Houston-based oil and gas custom manufacturer and RMO
organization offering proprietary designs and products for high
pressure piping systems serving onshore and offshore applications in the upstream, petrochemical, and refinery markets.
Citadel Advisory Group advised HPPS on the acquisition.
RUBICON OILFIELD ACQUIRES
CHOICE COMPLETIONS SYSTEMS
Rubicon Oilfield International has acquired Choice Completions
Systems LLC, an emerging technology company specializing
in the supply of downhole products for unconventional multistage completions. Terms of the transaction were not disclosed.
Rubicon Oilfield International Holdings LP designs, manufactures and sells/rents downhole oilfield products. Rubicon was
formed in 2015 and through the acquisition of downhole products businesses such as Tercel Oilfield Products, Top-Co Holdings and Logan International.
FLOTEK INDUSTRIES TO DIVEST
DRILLING TECHNOLOGIES SEGMENT
Flotek Industries Inc. has entered into a definitive agreement
to divest its Drilling Technologies segment to National Oilwell
Varco LP (NOV) for a total consideration of $17 million, subject
to normal working capital adjustments. The transaction is expected to close by mid-May. Proceeds will go towards reducing
the outstanding debt on the company’s balance sheet.
CHEVRON PLANS TO SELL BANGLADESH COMPANIES
Chevron Global Ventures Ltd., a wholly-owned subsidiary of
Chevron Corp., has entered into an agreement to sell the shares
of its wholly-owned indirect subsidiaries operating in Bangladesh to Himalaya Energy Co. Ltd. Chevron Bangladesh operates
Block 12 (Bibiyana Field) and Blocks 13 and 14 (Jalalabad and
Moulavi Bazar fields). Closing of the transaction is subject to
the satisfaction of certain closing conditions.
YUMA ENERGY SELLS CERTAIN TX OIL AND GAS
PROPERTIES FOR $5.5M
Yuma Energy Inc. has sold certain oil and gas properties for
$5.5 million located in Brazos County, Texas held by a wholly
owned subsidiary and known as the El Halcón property. Yuma’s
El Halcón property consisted of an average working interest of
approximately 10% ( 1,557 net acres) producing approximately
140 Boe/d net from 50 Eagle Ford wells and one Austin Chalk
well. Yuma also announced that on May 19, 2017 the lenders
under its bank credit facility reaffirmed the company’s borrowing
base of $44.0 million. Upon closing of the sale of the El Halcón
property, the borrowing base was adjusted for the sale to $40.5
million. The next scheduled redetermination date under the
credit facility will be September 15, 2017.
VALOREM RECEIVES $300M COMMITMENT
FROM KAYNE PRIVATE ENERGY INCOME FUND
Valorem Energy LLC, an independent oil and natural gas company headquartered in Oklahoma City, Oklahoma, has received
an initial $300 million equity commitment from the Kayne Private
Energy Income Fund LP and members of the management
team. Valorem is a private exploration and production company
formed in 2017 to deploy over $1 billion of capital to acquire
and operate large, producing onshore US oil and gas assets,
with an emphasis on the Rockies and Mid-Continent. Valorem
is led by CEO Justin Cope and COO Heath Mireles, former
executives with Continental Resources.
RIVERSTONE HOLDINGS, JOG CAPITAL LEAD C$305M
FINANCING ROUND FOR VESTA ENERGY
Vesta Energy Corp. has entered into definitive agreements with
respect to a C$295 million equity financing round priced at
C$4.50/share, co-led by energy private equity firms Riverstone
Holdings LLC and JOG Capital. Other investors in the round
include certain funds managed by JOG and the Vesta management team. In conjunction with the investments by Riverstone and JOG, Vesta has announced a private placement
offering of up to C$10 million to existing shareholders at C$4.50/
share. Headquartered in Calgary, Alberta, Vesta is a privately
held exploration and production company led by founder and
CEO Curtis Cook focused on the development of light oil
properties in the shallow Joffre Duvernay Shale oil play. Cook
is joined on the management team by Paul Smith (CFO), Grant
Rabe (COO), Jenny Ngo (CAO) and Dermot O’Connor (VP
exploration). Vesta has assembled a contiguous land position
of over 200,000 net acres within the Joffre Duvernay Shale oil
play. The company currently has 23 wells on stream and is
producing approximately 3,500 boe/d, of which 80% is light
oil. The transaction is anticipated to close on May 26, 2017.
Vesta’s financial advisors for the Transaction were BMO Capital
Markets and Goldman Sachs Canada.