September 01, 2016 12:37 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Cook Inlet Energy, LLC

Company Overview

Cook Inlet Energy, LLC provides oil and gas extraction services. The company was incorporated in 2009 and is based in Anchorage, Alaska. As of December 10, 2009, Cook Inlet Energy, LLC operates as a subsidiary of Miller Energy Resources, Inc.

310 K Street

Suite 700

Anchorage, AK 99501

United States

Founded in 2009

Phone:

907-258-8600

Fax:

907-258-8601

Key Executives for Cook Inlet Energy, LLC

Senior Vice President of Operations
Age: 68
Vice President and Drilling Manager
Compensation as of Fiscal Year 2016.

Cook Inlet Energy, LLC Key Developments

First Amended Reorganization Plan Approved for Cook Inlet Energy, LLC

The US Bankruptcy Court approved the amended plan of reorganization of Cook Inlet Energy, LLC on January 28, 2016. As per the approved plan, administrative expense claims, US Trustee fees, priority tax claims and professional fee claims will be paid in full in cash. Other priority claims will be paid full in cash. Allowed lender secured claims of $151 million will be paid New Notes of $60 million and 100% of the New Miller Common Stock, subject to dilution by the Management Stock. Other secured claims will be reinstated, paid in cash, surrender of the collateral securing such claim or offset against the debtors claims. General unsecured claims of $31.1 million will be paid its Pro Rata share of the Unsecured Cash Distribution in the amount of 10% of its allowed unsecured claim with a total amount for all allowed unsecured claims capped at $1.5 million plus its Pro Rata share of the New Miller Warrants with the right to purchase up to 3% of the New Miller Common Stock. Allowed lender deficiency claims of $39 million will receive cash on a pro rata basis, a recovery of 1%. All existing Miller Preferred Stock Interests will be cancelled and each holder of an allowed miller preferred stock interest will receive its Pro Rata share of the New Miller Warrants. All existing Miller Common Stock Interests will be cancelled and each holder of an Allowed Miller Common Stock Interest will receive its Pro Rata share of the New Miller Warrants. Miller other equity interests will be cancelled and will not receive any distribution on account of their interests. Miller subsidiary debtor interests will be reinstated and will vest in the respective reorganized debtor. The plan will be funded from cash in hand, ongoing business operations, exit facility and issuance of New Miller Common Stock and New Miller Warrants.

Motion for Asset Sale Approved for Cook Inlet Energy, LLC

The US Bankruptcy Court gave an order approving the sale of certain assets of Cook Inlet Energy, LLC on January 20, 2016. The debtor has been authorized to sell its certain assets to Corum Pump Services for a purchase price of $0.35 million in cash. The debtor’s assets include certain miscellaneous equipment.

Amended Reorganization Plan Filed by Cook Inlet Energy, LLC

Cook Inlet Energy, LLC filed an amended plan of reorganization in the US Bankruptcy Court on November 20, 2015. As per the amendments filed, Lender Secured Claims of $151 million shall receive, in full satisfaction, settlement, release and discharge of and in exchange for its Secured Claim, its Pro Rata share of the New Notes of $60 million and 100% of the New Miller Common Stock, subject to dilution of ownership percentage from the Management Stock when issued. The claimant classes Miller Preferred Stock Interests and Miller Common Stock Interests were removed from the plan. The treatment of all other claim classes in the plan remains same. Cook Inlet Energy, LLC filed a revised amended plan and a disclosure statement of reorganization in the US Bankruptcy Court on December 11, 2015. As per the plan filed, Lender Deficiency Claims will receive cash on a pro rata basis. There are no other changes in the treatment of claims. Cook Inlet Energy, LLC filed a revised amended plan and a disclosure statement of reorganization in the US Bankruptcy Court on December 17, 2015. As per the plan filed, General Unsecured Claims of $31.1 million will be paid $3.11 million, a recovery of 10% and Lender Deficiency Claims of $38.7 million will be paid $0.39 million, a recovery of 1%. There are no other changes in the treatment of claims.

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