Alta Mesa Resources files for bankruptcy

Alta Mesa Resources Inc., Houston, has filed for voluntary financial restructuring under bankruptcy. The action does not affect its midstream affiliate, Kingfisher Midstream LLC.

Alta Mesa Resources Inc., Houston, has filed for voluntary financial restructuring under bankruptcy.

The action does not affect its midstream affiliate, Kingfisher Midstream LLC.

Alta Mesa holds 140,400 net acres in the STACK play of eastern Oklahoma. Its net production in the fourth quarter last year was 37,600 boe/d, of which 50% was oil and 73% liquids.

A company statement cited “a historically challenging commodity price environment and a capital market that is highly constrained for energy companies.”

In conjunction with the bankruptcy filing, the company named Mark Castiglione chief executive officer. He previously was interim executive vice-president, strategy and corporate development.

Randy Limbacher, formerly interim president, has been named executive vice-president of strategy.

John Campbell, formerly interim chief operating officer, has become president and chief operating officer.

Jim Hackett, recently interim chief executive officer, has resumed his former role as executive chairman.

Hackett was CEO of Silver Run II when the company, created by Riverstone Holdings LLC for acquisitions, merged with Alta Mesa and Kingfisher Midstream in 2017 (OGJ Online, Aug. 17, 2017).

Catiglione, Limbacher, and Campbell joined Alta Mesa from Riverstone in a management change last year.

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