W&T Offshore announces enhancement to capital structure
HOUSTON â W&T Offshore Inc. announced that it has enhanced its capital structure by entering into a transaction with its wholly-owned special purpose vehicles and Munich Re Reserve Risk Financing Inc.
The company transferred 100% of its Mobile Bay Area producing assets and related gas treatment facilities to the SPVs in return for the net cash proceeds from a $215 million first-lien non-recourse term loan to the SPVs provided by MRRF. Through its 100% ownership in the SPVs, W&T retains the upside value in the Mobile Bay Assets.
A portion of the proceeds to the company from the transaction were used to repay the $48 million outstanding balance on its reserve-based lending facility and to enter into commodity hedging contracts related to the anticipated future production of the Mobile Bay Assets.
Battalion Oil Chairman William T. Transier to Resign
William T. Transier, who has served as chairman of the board of directors at Battalion Oil since October 2019, submitted his letter of resignation and does not intend to stand for re-election at the upcoming annual meeting.
Hart Energy Staff Your browser does not support the audio element.
Chairman of Battalion Oil Corp., William T. Transier, has announced his intention to resign from the company’s board of directors, according to a filing.
Based in Houston, Battalion Oil is an independent E&P company formerly known as Halcón Resources, but changed its name early last year to reflect a new team and strategy. Currently, Battalion is focused on the acquisition, production, exploration and development of liquids-rich assets in the Delaware Basin of the Permian, the company’s website said.
VAALCO Energy announces conference participation
HOUSTON â VAALCO Energy Inc. announced that the company will participate in the Virtual 33rd annual ROTH Conference that will be hosted Monday through Wednesday.
Cary Bounds, chief executive officer, and Elizabeth Prochnow, chief financial officer, will host virtual one-on-one meetings with investors registered for the conference Monday.
A pre-recorded virtual presentation done by Bounds in conjunction with the event will be posted at vaalco.com in the “Investor Relations” section of the site, on the “News and Events” page Monday.
An updated investor slide deck also prepared in conjunction with the ROTH Conference will be posted in the âInvestor Relationsâ section of VAALCOâs website on that same morning.