TULSA, Okla., Feb. 13, 2017 /PRNewswire/ -- Samson Resources Corporation ("Samson" or "the Company") today announced that the U.S. Bankruptcy Court for the District of Delaware has confirmed its global settlement joint plan of reorganization. Samson's settlement plan was overwhelmingly approved by voting creditors, including 100 percent of first lien and second lien lenders and holders of over 99 percent of unsecured claims. The successful confirmation will permit the Company to emerge from Chapter 11 with a sustainable capital structure and be well positioned to compete in the oil and gas industry going forward.
"The plan of reorganization confirmed by the Court today culminates a thoughtful and thorough restructuring process that dates back to late 2014. It will enable us to significantly reduce our debt and create a capital structure that will pave the way for a successful future," said Andrew Kidd, President, Chief Executive Officer, and General Counsel of Samson Resources. "Our emergence from Chapter 11 will allow us to move past a challenging period for Samson and others in this industry and once again devote our full attention to running our business as our industry continues its recovery. We look forward to strengthening and further focusing on our operations as we move forward and thank all of our employees, customers, partners, restructuring advisors and financial stakeholders for supporting us throughout this process."
Additional information about Samson and its Chapter 11 case, including a copy of its Global Joint Settlement Plan, is available at www.GardenCityGroup.com/cases/SamsonRestructuring. General inquiries may be directed to the Company's dedicated restructuring hotline at (888) 547-8096 or emailed to SMNInfo@gardencitygroup.com. The Company also has established a dedicated vendor hotline at (918) 591-1306 or SamsonVendors@gardencitygroup.com.
Samson is advised by PJT Partners, Inc., Alvarez & Marsal North America, LLC, Kirkland & Ellis LLP and Klehr Harrison Harvey Branzburg LLP.
About Samson Resources
Samson Resources is a privately held onshore oil and gas exploration and production company with headquarters in Tulsa, Oklahoma and operations primarily located in East Texas, Louisiana and Wyoming. The Company operates, or has royalty or working interests in, approximately 531,000 net acres of oil and gas properties.
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SOURCE Samson Resources Corporation