DENVER, Nov. 16, 2016 /PRNewswire/ -- Emerald Oil, Inc. (the "Company") and its subsidiaries completed a Section 363 sale process and emerged from Chapter 11 bankruptcy protection as a debt-free entity. The Company officially concluded its Section 363 process after completing all required actions and satisfying the conditions of its bankruptcy sale plan, which was confirmed by the US Bankruptcy Court for the District of Delaware by order dated November 1, 2016. Constructively working with its creditors and stakeholders, the Company reduced its long-term debt by approximately $278 million. The Company's improved liquidity and debt-free balance sheet will enable the Company to develop its assets in the Bakken shale and maximize the value of its leasehold.
The Company will operate under the new name "National Oil Production Company, LLC" and is majority owned by Crestline Investors and Fir Tree Partners.
About National Oil Production Company
National Oil Production Company, LLC is an independent operator focused on producing oil and gas wells and developing oil and gas leasehold in the Williston Basin of North Dakota, targeting the Bakken and Three Forks shale oil formations and Pronghorn sand oil formation. National Oil Production Company is based in Denver, Colorado.
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SOURCE National Oil Production Company, LLC