Published: July 6, 2020 |

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Houston-based Sanchez Energy Corp. has emerged from Chapter 11 bankruptcy protection with a new name: Mesquite Energy Inc.

The company’s financial restructuring eliminated substantially all of its approximately $2.3 billion in debt, according to a June 30 press release. Sanchez Energy filed for bankruptcy in August 2019.

There’s also a new top executive and board of directors leading the company.

Cameron W. George, formerly executive vice president and CFO of Sanchez Energy, is now serving as interim CEO, executive vice president and CFO of Mesquite Energy. Before joining Sanchez Energy in 2016 as senior vice president of capital markets, George was a member of the founding team at Houston-based Linn Energy LLC. His nearly 20 years of oil and natural gas industry and investment banking experience also includes serving as an investment banker in the energy group at RBC Capital Markets.

The June 30 press release does not indicate Mesquite Energy’s plans for naming a permanent CEO or address the departure of Sanchez Energy President and CEO Tony Sanchez III.

Also part of Mesquite Energy’s leadership team is Gregory B. Kopel, who is serving as executive vice president, general counsel and corporate secretary. He served in a similar role with Sanchez Energy and previously worked for Occidental Petroleum Corp., Linn Energy and Breitburn Energy Partners.

Mesquite Energy’s board of directors consists of:

•  Nathan H. Van Duzer, managing director of special situations at Fidelity Investments.
•  Wilson B. Handler, a partner in the Natural Resources group at Apollo Global Management Inc.
•  Harry F. Quarls, a director for Rosehill Resources and chairman of the board for Key Energy Services and Sunrise Oil & Gas.

“We are excited to begin our new chapter as Mesquite Energy, a simpler and leaner company, guided by our core principles of cost discipline and production efficiency to create long-term value for our stakeholders,” George said in the release. “With a clean balance sheet and substantial repositioning of our cost structure, we have taken the hard but necessary steps to become profitable in this low commodity-price environment.”

Source: Houston Business Journal

To stop by Mesquite’s website, CLICK HERE

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