New Gulf Resources Emerges from Bankruptcy
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New Gulf Resources has completed its financial restructuring and emerged from Chapter 11 on May 13, 2016. The company has completed all required actions and satisfied the remaining conditions of its plan of reorganization, which was previously confirmed by the US Bankruptcy Court for the District of Delaware on April 20, 2016.
In accordance with the plan, New Gulf Resources received post-emergence financing from existing stakeholders. The company emerges with a clean balance sheet, ample liquidity, as well as continued strategic and financial support from certain ad hoc committee members.
“This is a new beginning for our company. Proactively restructuring our balance sheet early in this period of low commodity prices has provided the company the best opportunity to create the most value for all of our constituents. With the restructuring behind us, and with the backing of the ad hoc committee, we are poised to build a premier energy company through organic development of our existing asset base and strategic acquisitions. We are pleased to have the continued support of the ad hoc committee and appreciative of the work done by all the advisors and legal counsel to make this day possible. Additionally, we are grateful for the diligence of our employees who performed admirably during this process and for our strong relationships with our royalty owners, vendors, and suppliers. We have established a seasoned and experienced board balanced with years of direct industry and financial expertise. We truly believe this reorganization was the best option available to the company and its various stakeholders during a very challenging time in our industry,” said Ralph Hill, chairman and CEO of New Gulf Resources.
“Our assets currently consists of approximately 75,000 acres primarily in Leon, Madison and Grimes counties along with Walker and Brazos. We have been successful finding pay in all of our stacked pay carbonate zones of the Buda, Georgetown, Edwards and Glen Rose, the “Buda Rose” play as well as in the Eagle Ford Shale. We look forward to continuing to develop these plays and assets. Our vertical stacked play success has set the foundation for horizontal plays in our assets,” added Hill.
Further with this fresh start the company name will be changed to ETX Energy, LLC. More information on the formal timing of the name change will be provided in the near future.
About New Gulf Resources
New Gulf Resources, LLC, based in Tulsa, Oklahoma, is an independent energy company engaged in the acquisition, exploration, development and production of crude oil and natural gas. NGR is highly experienced in the application of advance technologies such as horizontal drilling and multi-stage fracture stimulation to maximize production and reserves. NGR currently produces approximately 3200 BOE/D and owns over 75,000 net mineral leasehold acres in the prolific East Texas Basin focusing on the stacked pay horizontal and vertical targets of the Cretaceous Eagle Ford, Buda-Rose and Woodbine formations.
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