March 24, 2018 6:10 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Bandon Oil and Gas GP, LLC

Company Overview

Bandon Oil and Gas GP, LLC operates as a general partner for Bandon Oil and Gas, LP that offers oil and gas production and exploration services. The company is based in Oklahoma City, Oklahoma. As of February 25, 2014, Bandon Oil and Gas GP, LLC operates as a subsidiary of Fieldwood Energy LLC. On February 15, 2018, Bandon Oil and Gas GP, LLC filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of Texas. It is in joint administration with Fieldwood Energy LLC.

123 Robert South Kerr Avenue

Oklahoma City, OK 73102

United States





Key Executives for Bandon Oil and Gas GP, LLC

Chief Financial Officer
Age: 47
Compensation as of Fiscal Year 2017.

Bandon Oil and Gas GP, LLC Key Developments

Reorganization Plan & Related Disclosure Statement Filed by Fieldwood Energy LLC

Fieldwood Energy LLC filed a pre-packaged plan of reorganization with related disclosure statement in the US Bankruptcy Court on February 15, 2018. As per the plan filed, allowed administrative expense claim, professional fee claim, DIP Facility Claims of $60 million and priority tax claims shall be paid full in cash. Priority non-tax claims of $2 million will be paid cash in full. Other secured claims, allowed RBL claims of $0.55 million shall be paid full in cash. Allowed FLTL claims of $1.15 billion shall be paid pro-rata share of Exit First Lien Term Loan facility and will receive cash for all accrued and unpaid interest. Allowed FLLO claims of $534.68 million shall receive pro-rata share of Exit Second Lien Term Loan facility and will receive cash for all accrued and unpaid interest. Allowed SLTL claims of $1.70 billion shall receive recovery of 8.35% through pro-rata share of new equity interests, representing 20.25% of new equity interests issued on effective date and subscription rights to acquire 75% of new equity interests for $525 million. Allowed general unsecured claims of $160 million shall be paid in the ordinary course of business. Allowed intercompany claims will be paid, adjusted, continued, settled, reinstated, discharged, or eliminated, in each case to the extent determined to be appropriate. Existing Holdings Interests shall liquidate and dissolve and holders will receive new equity interests. Existing Energy Inc. Interests shall be cancelled and holders shall receive pro-rata share of 0.25% of new equity interests. Intercompany Interests shall be deemed to be in full force and effect. The plan will be funded through available cash in hand, right issue of $525 million, equity issue, issuance of new Exit Second Lien Term Loan Facility of $518 million, Exit Second Lien Term Loan Facility of $1143 million and Exit LC Facility of $147.80 million.

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