October 21, 2017 10:57 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Geodyne Resources, Inc.

Company Overview

Geodyne Resources, Inc. evaluates, acquires, manages, and develops oil and natural gas reserves. The company was incorporated in 1978 and is based in Tulsa, Oklahoma. Geodyne Resources, Inc. operates as a subsidiary of Samson Resources Company.

Two West Second Street

Tulsa, OK 74103

United States

Founded in 1978

Phone:

918-591-1791

Key Executives for Geodyne Resources, Inc.

Geodyne Resources, Inc. does not have any Key Executives recorded.

Geodyne Resources, Inc. Key Developments

Global Settlement Joint Chapter 11 Plan Approved for Samson Resources Corporation

The US Bankruptcy Court approved the global settlement plan of reorganization of Samson Resources Corporation on February 13, 2017. The debtor had filed its global settlement plan in the Court on January 11, 2017. As per the plan filed, administrative claims, professional compensation, priority tax claims and statutory fees shall be paid full in cash. Other priority claims shall receive full payment in cash. Other Secured Claims of $0.93 million will either receive payment in full in cash or be reinstated. First Lien Secured Claims of $945.81 million shall receive pro rata distribution of First Lien Cash Recovery. The claim holders shall receive 100% of the new common stock and rights to participate in the right offering. Second Lien Secured Claims expect a recover of 22% of the allowed amount. General Unsecured Claims of $2.42 billion shall receive recovery in the range of 7% to 2.5% of the allowed amount. General Unsecured Claims receive its Pro Rata distribution of the beneficial interests in the Settlement Trust provided that Second Lien Deficiency Claims shall be waived without any distribution by the effective date. Convenience claims shall receive pro-rata share of $1 million less the costs of administering such distributions. Section 510(b) claims shall be cancelled without any distribution. Intercompany claims and Intercompany interest shall either be reinstated or at the option of reorganized debtor, shall be cancelled without any distribution. Interest in parent shall be cancelled, extinguished and no distribution shall be made to the holders of interests. The plan will be funded through cash in hand, new capital from an exit financing facility of $750 million and new capital from rights offering of $450 million, consisting of $350 of new common equity and $125 million of new second lien facility. The plan shall be funded by cash, asset sale, Exit RBL facility of $530 million, Exit Term Loan First-Out Tranche of $30 million and rights issue.

Global Settlement Reorganization Plan and Disclosure Statement Filed by Samson Resources Corporation

Samson Resources Corporation filed a global settlement plan of reorganization with related disclosure statement on January 11, 2017. As per the plan filed, Other Secured Claims of $0.93 million will either receive payment in full in cash or be reinstated. First Lien Secured Claims of $945.81 million shall receive pro rata distribution of First Lien Cash Recovery. Second Lien Secured Claims expect a recover of 22% of the allowed amount. The claim holders shall receive 100% of the new common stock and rights to participate in the right offering. General Unsecured Claims of $2.42 billion shall receive recovery in the range of 7% to 2.5% of the allowed amount. General Unsecured Claims receive its Pro Rata distribution of the beneficial interests in the Settlement Trust provided that Second Lien Deficiency Claims shall be waived without any distribution by the effective date. The Debtors shall not use the Settlement Trust Unencumbered Cash for any other purpose. The treatment of all other claim classes remains unchanged.

Fourth Amended Reorganization Plan Filed by Samson Resources Corporation

Samson Resources Corporation, along with its affiliates, filed fourth amended joint plan of reorganization in the US Bankruptcy Court on December 31, 2016. As per the amended plan filed, there shall be no changes in the treatment of any claim class.

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