Emerald Oil, Inc. (NYSE: EOX) and four affiliates have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No. 16-10704). The debtors are a Denver-based exploration and production company focused on acquiring acreage and developing wells in the Williston Basin of North Dakota. The debtors’ cases have been assigned to the Honorable Kevin Gross. The debtors have indicated that they intend to sell substantially all of their assets and have entered into a sale term sheet with a stalking horse bidder and will seek approval of $20 million in debtor-in-possession financing. The petitions (including the consolidated list of top 30 creditors), the first day declaration and the docket are available through Donlin Recano. The debtors have issued a press release regarding their restructuring.
Contact Norman L. Pernick, Nicholas J. Brannick, or David W. Giattino for more information.