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February 11, 2016 10:45 PM 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, 2014, the company had interests in approximately 219,200 net acres in East Texas, targeting the Cotton Valley Sand, Haynesville Shale, and Pettet formations; 58,700 net acres in South Texas, prospective for the Eagle Ford Shale formation; and 36,900 net acres in North Texas, targeting the Granite Wash formation. It had proved undeveloped reserves totaled approximately 6 million barrels (MMBbls) of oil and 17 MMBbls of natural gas liquids, as well as 469 billion cubic ...

1415 Louisiana Street

Suite 1600

Houston, TX 77002

United States

Founded in 2006

289 Employees

Phone:

832-242-9600

Fax:

832-242-9560

Key Executives for Sabine Oil & Gas Corporation

Chairman, Chief Executive Officer and President
Age: 56
Total Annual Compensation: $1.0M
Chief Operating Officer and Executive Vice President
Age: 45
Total Annual Compensation: $469.5K
Senior Vice President of Asset Development
Age: 42
Total Annual Compensation: $376.0K
Compensation as of Fiscal Year 2014.

Sabine Oil & Gas Corporation Key Developments

Joint Reorganization Plan and Disclosure Statement Filed by Sabine Oil & Gas Corporation

Sabine Oil & Gas Corporation filed a joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on January 26, 2016. As per the plan filed, the administrative claims, statutory fees, professional fees and priority tax claims shall be paid in full. Other priority claim shall receive payment in full in cash of its unpaid portion. Other Secured Claim shall receive either payment in full in cash of the unpaid portion of its claim or reinstated. RBL secured claim of $902.15 million shall receive its pro rata share of, loans and commitments under the Exit Revolver Credit Facility; loans under the New Second Lien Credit Agreement; the RBL Equity Pool; and all cash held by any of the debtors as of the effective date. RBL deficiency claim shall receive its pro rata share of the Unsecured Equity Pool. Second Lien claims of $730.2 million, Senior Notes claims 2017 of $364.12 million, Senior Notes claims 2019 of $602.24 million, Senior Notes claims 2020 of $227.59 million and general unsecured claims shall receive its pro rata share of the Unsecured Equity Pool. Convenience claims shall receive Cash in an amount equal to its pro rata share of certain amount. Section 510(b) claims shall be cancelled without any recovery. Intercompany claims and Intercompany Interests may be reinstated, or cancelled, and no distribution shall be made on account of such claims. 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.

Sale Procedure Approved for Sabine Oil & Gas Corporation

The US Bankruptcy Court gave an order approving the sale procedures relating to the sale of certain assets of Sabine Oil & Gas Corporation on September 10, 2015. The Court approved the sale procedures for de minimis assets. For sale of assets of less than $0.25 million, the debtor will sell its assets by filing an environmental notice seven days prior to sale closing. The notice will include information about the assets being sold, buyer and purchase price. For sale of assets of value more than $0.25 million and less than $3.75 million, the debtor will file a notice of sale at least 15 days prior to the sale closing which include information about the assets being sold, buyer, purchase price and other terms of sale.

Motion for Asset Sale Filed by Sabine Oil & Gas Corporation

Sabine Oil & Gas Corporation filed a motion in the US Bankruptcy Court for the sale of its certain assets on August 26, 2015. The debtor seeks the Court’s approval for the procedures related to sale of its de minimis assets. The assets can be sold in an individual transaction or series of related transactions to a single buyer or group of related buyers. For sale of assets of less than $1 million, the debtor will sell its assets without filing a notice and doesn't need Court approval. For sale of assets of value more than $1 million and less than $15 million, the debtor will file a notice of sale which include information about the assets being sold, buyer and other terms of sale. Court approval is not required here. The hearing on this motion is scheduled for September 10, 2015.

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