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May 06, 2015 8:08 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, 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: 55
Total Annual Compensation: $1.0M
Chief Operating Officer and Executive Vice President
Age: 44
Total Annual Compensation: $469.5K
Chief Compliance Officer, Senior Vice President of Land & Legal, General Counsel and Secretary
Age: 42
Total Annual Compensation: $387.1K
Senior Vice President of Asset Development
Age: 41
Total Annual Compensation: $376.0K
Compensation as of Fiscal Year 2014.

Sabine Oil & Gas Corporation Key Developments

Sabine Oil & Gas Corporation Enters into Forbearance Agreement to its Revolving Credit Facility

Sabine Oil & Gas Corporation announced that it has entered into a forbearance agreement with the lenders under its revolving credit facility. The forbearance agreement will provide the company with additional flexibility as it continues discussions with its creditors and their respective professionals regarding the company's debt and capital structure. The company's financial advisors Lazard and legal advisors Kirkland & Ellis LLP are advising management and the board of directors on strategic alternatives related to its capital structure.

Sabine Oil & Gas Announces Redetermination of its Borrowing Base

Sabine Oil & Gas Corporation announced that, effective as of April 27, 2015, the borrowing base under its revolving credit facility has been decreased from $1 billion to $750 million as part of the company's regularly scheduled semi-annual redetermination by its lenders. The decrease in the borrowing base has resulted in a deficiency of approximately $250 million, which must be repaid in six monthly installments of approximately $41.54 million with the first payment being due at the end of May 2015. Additionally, the company continues to work with the lenders under its revolving credit facility to address the existing default under the facility before the end of the grace period on May 8, 2015.

Sabine Oil & Gas Corporation Reports Un-Audited Consolidated Earnings and Production Results for the Fourth Quarter and Year Ended December 31, 2014; Reports Impairments for the Fourth Quarter of 2014

Sabine Oil & Gas Corporation reported un-audited consolidated earnings and production results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported total revenue of $108.2 million compared to $109.5 million, net loss before income taxes before income taxes of $322.7 million compared to net income before income taxes before income taxes of $1.3 million, net loss of $357.7 million or $2.70 per diluted share compared to net income of $1.3 million or $0.01 per diluted share and adjusted EBITDA of $81.7 million compared to $92.3 million for the last year. For the year, the company reported total revenue of $464.7 million compared to $355.0 million, net loss before income taxes before income taxes of $291.7 million compared to net income before income taxes before income taxes of $10.6 million, net loss of $326.7 million or $2.67 per diluted share compared to net income of $10.6 million or $0.09 per diluted share, adjusted EBITDA of $330.9 million compared to $296.1 million and net cash provided by operating activities of $209.2 million compared to $217.2 million for the last year. For the quarter, the company reported production of Oil (MBbl) of 672.51 compared to 466.60, NGL (MBbl) of 539.22 compared to 627.93, Natural gas (Bcf) of 12.92 compared to 12.84 for the last year. Production volumes during the fourth quarter of 2014 were 20.2 Bcfe, an increase of 0.8 Bcfe or 4% compared to production of 19.4 Bcfe during the fourth quarter of 2013. The increase in production is primarily due to the Forest Oil business combination and the company's development program. For the year, the company reported production of Oil (MBbl) of 2,169.52 compared to 1,403.62, NGL (MBbl) of 2,120.56 compared to 1,842.47, Natural gas (Bcf) of 49.22 compared to 44.29 for the last year. Production volumes during the year ended December 31, 2014 were 75.0 Bcfe, an increase of 11.2 Bcfe or 18% compared to production of 63.8 Bcfe during the year ended December 31, 2013. The increase in production is primarily due to the Forest Oil business combination and the company's development program. The company reported impairments of $421.4 million in the fourth quarter of 2014 compared to $1.1 million in last year.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
June 30, 2014
Certain Granite Wash Properties
 

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