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Energy & Exploration Partners Responds to Involuntary Chapter 11 Petition

November 30, 2015, 07:26 AM
Filed Under: Bankruptcy

Energy and Exploration Partners, Inc. announced that on the evening of November 25, 2015, certain unsecured creditors filed an involuntary bankruptcy petition in the United States Bankruptcy Court for the Northern District of Texas against one of the Company's operating subsidiaries.

"We are aware of the petition filed by certain of our oilfield service suppliers," said Hunt Pettit, Energy & Exploration Partners' Founder and Chief Executive Officer. "The sharp and protracted period of depressed commodity prices, resulting from OPEC's decisions exactly one year ago has created difficult conditions for the entire industry and we are no exception.  We are in the final stages of discussions with our lenders to provide new capital to fund operations and capital investments. We value our long-term business relationships with our suppliers and while we are disappointed by their actions, we intend to respond to the petition filed in due course.  Most importantly, we will continue to manage our business and daily production operations without interruption. I look forward to providing an update of our progress." 

The filing of the involuntary petition by certain unsecured creditors initiates a process through which the Company and its stakeholders can come to resolution and affords ENXP certain protections under the law from enforcement actions while the Company continues to operate in the ordinary course. Although the petition was filed in bankruptcy court, ENXP is not in bankruptcy and day to day operations continue as normal. Energy & Exploration Partners has 21 days from the time of service to respond to the petition.

Energy and Exploration Partners, Inc. is an independent exploration and production operator based in Fort Worth, Texas, focused on the acquisition, exploration and development of conventional and unconventional oil and gas resources. Our current operations are focused on the stacked formations in the East Texas Basin.

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