Arena Energy emerges from bankruptcy, plans Q4 drilling restart
Oct. 1, 2020
Arena Energy LP has completed its financial restructuring, emerging from bankruptcy under the ownership of San Juan Offshore LLC, and plans to restart its shallow water Gulf of Mexico drilling program in this year’s fourth quarter.
Arena Energy LP has completed its financial restructuring, emerging from bankruptcy under the ownership of San Juan Offshore LLC, and plans to restart its shallow water Gulf of Mexico drilling program in this year’s fourth quarter.
San Juan Offshore was formed by members of the Arena Energy management team, in partnership with Lime Rock Partners, to sponsor Arena Energy's prepackaged plan of reorganization.
The company, operating as Arena Energy, will continue to be led by Mike Minarovic, founder of San Juan Offshore and chief executive officer of Arena Energy. Operations over its portfolio of 120 platforms across 71 blocks in the Gulf of Mexico remains unchanged, and all ordinary course trade and lienholder claims will be paid in full in cash.
Arena Energy emerges from the restructuring with no debt apart from a contingent payment obligation due its former secured lenders contemplated by the prepackaged plan, subject to certain future market conditions.
