July 29, 2016 6:50 AM ET

Oil, Gas and Consumable Fuels

Company Overview of QRE Operating, LLC

Company Overview

QRE Operating, LLC acquires, explores, and develops onshore crude oil and natural gas properties in the United States. The company was incorporated in 2010 and is based in Houston, Texas. QRE Operating, LLC operates as a subsidiary of Breitburn Energy Partners LP. On May 15, 2016, QRE Operating, LLC filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of New York. It is in joint administration with Breitburn Energy Partners LP.

1401 McKinney Street

5 Houston Center

Suite 2400

Houston, TX 77010

United States

Founded in 2010

Phone:

713-452-2200

Fax:

713-452-2202

Key Executives for QRE Operating, LLC

QRE Operating, LLC does not have any Key Executives recorded.

QRE Operating, LLC Key Developments

Interim DIP Financing Approved for Breitburn Energy Partners LP

The US Bankruptcy Court gave an order to Breitburn Energy Partners LP to obtain DIP financing on an interim on May 23, 2016. As per the order, the debtor has been authorized to obtain a revolving credit facility in the amount of $75 million out of a total of $150 million from Citibank, N.A., JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, with Wells Fargo Bank, National Association acting as the administrative agent. $75 million includes up to $50 million for letters of credit. The DIP loan would either carry an interest rate of LIBOR plus 5.75% p.a., or an alternate base rate plus 4.75% p.a., along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a commitment fee of 1% p.a. The DIP facility would mature either on January 15, 2017, or date upon which the Interim Order expires if the Final Order has not been entered, or 60 days after the entry of the Interim Order, if the Final Order has not been entered, or effective date of chapter 11 plan, or closing of a sale of substantially all of the equity or assets of the Debtors, or date of indefeasible prepayment in cash in full by the Debtors of all DIP Obligations, or date of termination of the commitments, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $5 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The debtor may use proceeds of the DIP Facility to fund working capital, general corporate purposes, and the administration of chapter 11 cases. The final hearing is scheduled for July 14, 2016. Eric E. Sagerman, David Neier, Carey D. Schreiber and Justin E. Rawlins of Winston & Strawn LLP acted as legal advisors for DIP Agent. The US Bankruptcy Court granted amended interim DIP order on July 19, 2016. As per the order, final hearing is scheduled for August 18, 2016.

LL&E Royalty Trust Files Complaint Against Quantum Resources Management, LLC, QR Energy, and QRE Operating, LLC for Legal and Injunctive Relief

On October 3, 2014, the LL&E Royalty Trust, by Roger D. Parsons, Trustee, filed a complaint against Quantum Resources Management, LLC, QR Energy, and QRE Operating, LLC for legal and injunctive relief. Quantum serves as the oil & gas operator for the Jay Field, located in Florida and Alabama, in which the Trust owns a Net Profits Interest. The Trust has not received Distributions from Quantum since 2008 despite the fact that Quantum is contractually required to make monthly payments to the Trust attributable to the Trust's interest. The Trust is seeking money damages, injunctive relief and an appointment of a receiver based on the alleged actions of Quantum. The Trust has specifically alleged breach of contract, statutory conversion, fraud, breach of fiduciary duty, violation of the Racketeer Influenced and Corrupt Organization Act, accounting /injunctive relief and seeks the appointment of a receiver.

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