November 20, 2017 8:41 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Escambia Operating Company, LLC

Company Overview

Escambia Operating Company, LLC operates gas producing properties and facilities in Escambia County, Alabama. The company was incorporated in 2006 and is based in Houston, Texas. Escambia Operating Company, LLC is a subsidiary of Vanguard Operating, LLC.

16701 Greenspoint Park Drive

Suite 200

Houston, TX 77060

United States

Founded in 2006

Phone:

251-368-6700

Fax:

251-368-6730

Key Executives for Escambia Operating Company, LLC

Chief Executive Officer of Eagle Rock Energy GP L P
Age: 57
Compensation as of Fiscal Year 2017.

Escambia Operating Company, LLC Key Developments

Modified Second Amended Reorganization Plan Approved for Vanguard Natural Resources, LLC

The US Bankruptcy Court ordered approving the modified second amended plan of reorganization of Vanguard Natural Resources, LLC on July 18, 2017. The debtor filed its second amended plan in the Court on July 17, 2017. As per the plan filed, administrative claims of $70 million will be paid in cash. Other secured claims of $19 million and other priority claims of $15 million will be paid in cash. DIP facility claims of $50 million will be paid in cash. Lender Claims of $1.25 billion will be paid in cash and debt combination. Second lien notes claims of $78.1 million will be paid New Second Lien Notes. Senior Notes Claims of $443.7 million will be paid through issuance of 97% equity interests. Holders of Allowed General Unsecured Claims of $42 million will recover in the range of 8.2% to 12% of the allowed amount. Holders of Allowed General Unsecured Claims shall receive maximum recovery of 12% of the allowed amount if the holders elect to receive the GUC Cash Pool. Encana Claims shall receive $5 million in cash and assignments of all of the Debtors’ right, title and interest in the wells, oil and gas leases, lands, and units to the Encana Term Sheet. The plan will be funded from cash on hand, issuance of debt instruments and issuance of new equity.

Motion for Asset Sale Filed by Vanguard Natural Resources, LLC

Vanguard Natural Resources, LLC filed a motion in the US Bankruptcy Court for the sale of its certain assets on June 1, 2017. The debtor seeks the Court’s approval for the sale of its certain assets to Diamondback E&P LLC, the proposed buyer, for a purchase price of $13.87 million pursuant to the asset purchase agreement dated as of May 22, 2017. The debtor’s assets include sell certain non-core oil and gas assets. Under the terms of the agreement, the buyer shall make a deposit of $1.37 million. The transaction is expected to close on June 15, 2017.

Second Amended Reorganization Plan and Disclosure Statement Filed by Vanguard Natural Resources, LLC

Vanguard Natural Resources, LLC filed second amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on May 29, 2017. As per the plan, Holders of Allowed General Unsecured Claims of $42 million will recover in the range of 8.2% to 12% of the allowed amount. Holders of Allowed General Unsecured Claims shall receive maximum recovery of 12% of the allowed amount if the holders elect to receive the GUC Cash Pool. The treatment of other classes of claims remains unchanged. The debtor filed revised second amended plan and disclosure statement in the Court on May 31, 2017. As per the plan filed, there is no change in treatment of various claimant classes. The debtor filed revised modified amended plan in the Court on July 17, 2017. As per the modified plan, Encana Claims shall receive $5 million in cash and assignments of all of the Debtors’ right, title and interest in the wells, oil and gas leases, lands, and units to the Encana Term Sheet. The treatment of other classes of claims remains unchanged.

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Recent Private Companies Transactions

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