Prior to the Company’s emergence from voluntary reorganization under Chapter 11, the Company was an upstream master limited partnership with a strategy to acquire, develop and maximize cash flow from a growing portfolio of long-life oil and natural gas assets. Upon its emergence from bankruptcy with an improved balance sheet and greater liquidity, the Company is transitioning to a growth-oriented exploration and production company. The Board of Directors has engaged Jefferies LLC as lead advisor and has initiated a process to explore and evaluate potential strategic alternatives to maximize value.
The Company’s current focus is on accelerating the upstream and midstream development of its core SCOOP / STACK / Merge acreage in western Oklahoma, along with additional emerging stacked pay horizontal opportunities in Oklahoma, North Louisiana and East Texas. The Company has a large inventory of high-return drilling and optimization projects to achieve organic growth and continues to add value by efficiently operating and applying new technology to mature fields. As part of its restructuring, the Company is marketing certain non-strategic assets to focus resources on growth opportunities and continues to leverage its experienced workforce and scalable infrastructure to maximize shareholder value.