August 27, 2016 2:36 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Sabine Oil & Gas Corporation

Company Overview

Sabine Oil & Gas Corporation, an independent oil and natural gas company, engages in the acquisition, exploration, exploitation, and development of oil and natural gas properties onshore in the United States. As of December 31, 2015, the company had interests in approximately 217,000 net acres in East Texas, targeting the Cotton Valley Sand and Haynesville Shale formations; 53,400 net acres in South Texas targeting the Eagle Ford Shale formation; and 25,300 net acres in North Texas, targeting the Granite Wash formation. It had proved undeveloped reserves totaled approximately 1.5 million barrels (MMBbls) of oil; 5.8 MMBbls of natural gas liquids; and 118.0 billion cubic feet of natural gas, ...

1415 Louisiana Street

Suite 1600

Houston, TX 77002

United States

Founded in 2006

146 Employees

Phone:

832-242-9600

Fax:

832-242-9560

Key Executives for Sabine Oil & Gas Corporation

Chairman, Chief Executive Officer and President
Age: 57
Chief Financial Officer and Senior Vice President
Age: 39
Chief Operating Officer and Senior Vice President
Age: 43
Chief Technical Officer and Senior Vice President
Age: 46
Chief Accounting Officer, Vice President and Controller
Compensation as of Fiscal Year 2016.

Sabine Oil & Gas Corporation Key Developments

Sabine Oil & Gas To Be Deleted From Other OTC

Sabine Oil & Gas Corporation’s common stock was deleted from Other OTC, effective August 12, 2016. The deletion was due to bankruptcy plan effective/shares cancelled.

Sabine Oil & Gas Corporation Files Form 15

Sabine Oil & Gas Corporation has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock, $0.10 par value under the Securities Exchange Act of 1934, as amended.

Second Amended Reorganization Plan Approved for Sabine Oil & Gas Corporation

The US Bankruptcy Court approved the second amended plan of reorganization of Sabine Oil & Gas Corporation on July 27, 2016. As per the approved plan, administrative claims of $14 million, statutory fees, professional fees and priority tax claims of $6 million shall be paid in full. Other priority claim of $0.16 million shall receive payment in full in cash of its unpaid portion. Second Lien Adequate Protection Claims of $50 million will be paid full through equity ownership of 5%. RBL secured claim of $926.78 million will have a recovery of 69.1% amounting to $640.4 million. This class will receive cash, $350 million of debt and 93% of new common stock. Senior Notes Claims 2017 of $364.12 million, Senior Notes Claims 2019 of $602.19 million, Senior Notes Claims 2020 of $227.59 million and Each of these claims will have a recovery of $6.19 million, $6.02 million and $2.28 million respectively. Second Lien Deficiency Claims of $668.19 million will have a recovery of 1.7% amounting to $11.36 million in the form of equity. General Unsecured Claims of $241.18 million will have a recovery of 1.7% amounting to $4.1 million in the form of equity. Convenience Claims of $6.74 million will have a recovery of 3% amounting to $0.19 million. Section 510(b) claims shall be cancelled without any recovery. Intercompany claims of $2.38 billion and Intercompany Interests may be reinstated. On the effective date, equity interests in Sabine shall be deemed canceled and extinguished, and no distribution shall be made to them. The plan shall be funded with new common stock and warrants, Exit Revolver Credit Facility in the amount of $200 million, New Second Lien Credit Facility in the amount of $100 million and cash on hand.

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