By OGJ editors
HOUSTON, July 1 -- Private Calgary independent Trident Resources Corp. emerged from bankruptcy protection in Canada and the US, saying it is “poised to continue growing its operated unconventional natural gas assets in North America.”
Under restructuring, Trident obtained $247 million of new equity investment from a group of pre-petition creditors including affiliates of Anchorage Advisors LLC, Chilton Investment Co. LLC, and Jennison Associates LLC. The company has reduced its long-term debt and obligations to $410 million from $1.9 billion as of Sept. 8, 2009, case commencement.
Trident said it has increased proved reserves and production during bankruptcy and that its lower debt will better enable it to develop its drilling inventory of more than 10 years.
Trident targets coalbed methane in its predominantly operated core producing areas in the Mannville and Horseshoe Canyon plays in Alberta and shale gas in the Montney play in British Columbia. It is the largest CBM producer in the Mannville and one of the five largest in the Horseshoe Canyon.
Trident also maintains 1.5 million gross acres (1.2 million net acres) of leasehold interests including large exploratory acreage positions in selected areas of the US Northwest.