May 24, 2016 5:03 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, 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: 56
Total Annual Compensation: $602.3K
Chief Operating Officer and Executive Vice President
Age: 45
Total Annual Compensation: $371.4K
Senior Vice President of Asset Development
Age: 42
Total Annual Compensation: $316.2K
Compensation as of Fiscal Year 2015.

Sabine Oil & Gas Corporation Key Developments

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

Sabine Oil & Gas Corporation filed a second amended joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on April 27, 2016. As per the plan filed, RBL Secured Claims 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. Other Priority Claims of $0.16 million and Second Lien Adequate Protection Claims of $50 million will be paid in full in cash. Other Secured Claims have been removed as a class as there are no outstanding amounts in this class. 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. Intercompany Claims of $2.38 billion will be reinstated. There are no other changes in the treatment of claims.

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

Sabine Oil & Gas Corporation filed an amended joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on March 31, 2016. As per the plan filed, admin clams of $14 million and priority tax claims of $6 million will be paid in full in cash. Other Secured claims of $2.5 million will be paid in cash. RBL Secured Claims of $902.15 million will have a recovery of 70.9%, amounting to $639.62 million. This will be paid $300 million in the form of debt and rest in cash and 93% of new common stock. Second Lien Secured Claims of $50 million will receive 5% 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 General Unsecured Claims of $880.19 million will have a recovery of 1.7% in the form of 2% share in the new common stock. Each of these claims will have a recovery of $6.19 million, $6.02 million, $2.28 million and $8.8 million respectively. Convenience Claims will have a recovery of 3% in cash. There are no other changes in the treatment of claims.

Sabine Oil & Gas Corporation Auditor Raises 'Going Concern' Doubt

Sabine Oil & Gas Corporation filed its 10-K on Mar 24, 2016 for the period ending Dec 31, 2015. In this report its auditor, Deloitte & Touche LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

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Recent Private Companies Transactions

Type
Date
Target
Bankruptcy
July 15, 2015
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