January 22, 2017 6:01 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Chaparral Energy Inc.

Company Overview

Chaparral Energy, Inc. operates as an independent oil and natural gas exploration and production company in the United States. It is involved in the acquisition, exploration, development, production, and operation of oil and natural gas properties primarily in Oklahoma and Texas. The company also operates CO2 enhanced oil recovery projects. As of December 31, 2015, it had estimated proved reserves of 155.5 million barrels of crude oil equivalent. The company was founded in 1988 and is headquartered in Oklahoma City, Oklahoma. On May 9, 2016, Chaparral Energy, Inc. along with its affiliates filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Dis...

701 Cedar Lake Boulevard

Oklahoma City, OK 73114

United States

Founded in 1988

427 Employees

Phone:

405-478-8770

Key Executives for Chaparral Energy Inc.

Chief Executive Officer, President, Chief Operating Officer and Director
Age: 56
Chief Financial Officer, Principal Accounting Officer, Executive Vice President and Treasurer
Age: 62
Senior Vice President of Enhanced Oil Recovery Business Unit
Age: 54
Senior Vice President, General Counsel and Secretary
Age: 52
Vice President and Human Resources Manager
Compensation as of Fiscal Year 2016.

Chaparral Energy Inc. Key Developments

Notice of De Minimis Asset Sale Filed by Chaparral Energy Inc.

Chaparral Energy Inc. filed a notice in the US Bankruptcy Court for the sale of certain de minimis assets on December 20, 2016. As per the notice, Roadrunner Drilling LLC will sell tools, equipment and spare parts relating to Rig #2, #4, #5 and #6 to C&C Oilfield Equipment Sales, LLC for $2 million. Transaction is subject to 5% commission to the broker and is expected to close by January 2, 2017.

Reorganization Plan & Related Disclosure Statement Filed by Chaparral Energy Inc.

Chaparral Energy, Inc., along with its affiliates, filed a joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on December 19, 2016. As per the plan filed, Administrative Claims, Professional Fee Claims and Priority Tax Claims will be paid full in cash. Other Priority Claims, Other Secured Claims and Secured Tax Claims will be paid full in cash. Prepetition Credit Agreement Claims $444.44 million plus outstanding letters of credit of $0.83 million shall be paid through pro-rata share of Exit Facility loans. Claimant will get cash payment sufficient to satisfy the excess amount of loan, if any. Prepetition Notes Claims of $1.21 billion plus $59.46 million in accrued and unpaid interest shall receive pro-rata share of New Equity interests pool. In addition, claim holders will receive subscription rights to purchase its pro-rata share of applicable Rights Offerings shares. Allowed General Unsecured Claims shall receive its pro-rata share of New Equity interests pool. In addition, claim holders will receive subscription rights to purchase its pro-rata share of applicable Rights Offerings shares. Convenience Class Claim of maximum face amount of up to $0.10 million shall receive payment full in cash. Royalty Payment Litigation Claims will get $1.50 million towards attorneys' fees and will receive pro-rata share of $6 million. Intercompany Claims will be reinstated, compromised, or cancelled, at the option of the relevant holder of such claim. Old Parent Interests will be cancelled without further notice. Old Affiliate Interests will remain effective and outstanding on the Effective Date. The plan will be funded through $225 million first-out revolving loan and $150 million second-out term loan. The issuance of New Equity Interests of Reorganized Parent in the form of New Class A Shares and New Class B Shares. A $50 million Noteholders Rights Offering to be offered to the Prepetition Noteholders. As of January 10, 2017, Debtor filed liquidation analysis to the Disclosure Statement in the Bankruptcy Court. The debtor estimated total Administrative Claims of $0..05 million, priority tax claims of $1,655 and other priority tax claims of $1,68.

Chaparral Energy Inc. Announces Management Changes

Chaparral Energy, LLC announced the retirement of Mark A. Fischer as its chief executive officer and chairman of the board. Mr. Fischer, who founded the company in 1988, has served as its chief executive officer and chairman of the board since its inception. He will continue to direct the company over the next couple of weeks, as well as provide assistance through the end of the year, to ensure a smooth and orderly transition of his duties to Chaparral’s new Chief Executive Officer Earl Reynolds. Mr. Reynolds joined Chaparral in 2011 as executive vice president and chief operating officer before becoming its president in 2014.

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