OKLAHOMA CITY, March 22, 2016 /PRNewswire/ -- Templar Energy LLC (the "Company") announced today that it elected to exercise its grace period and defer making approximately $11.8 million in interest payments due March 21, 2016, on a tranche of its outstanding $1.45 billion principal amount second lien term loan due November 25, 2020. Although the Company has sufficient liquidity to make these interest payments, it has elected to use the 30-day grace period as it explores alternatives for improving liquidity and the overall capital structure. The decision to enter into the grace period does not constitute an event of default under the terms of the Company's credit agreements. "It is no secret that all oil and gas related companies, whether they are upstream, midstream, or in the service sector of the industry, are challenged by the current, macro-economic environment we find ourselves immersed in," said David D. Le Norman, CEO of Templar Energy. Le Norman further added, "We have been working with all of our stakeholders to add liquidity and modify the capital structure of our company to be better equipped to handle the head winds created by the lower product prices we are receiving."
About Templar Energy
Templar Energy LLC, including its wholly-owned operating subsidiary, Le Norman Operating LLC, is an independent exploration and production company headquartered in Oklahoma City, Oklahoma, with a core focus in the high-yield, liquids rich natural gas and oil producing formations in Western Oklahoma and the Texas Panhandle. For more information, visit www.lenormanoperating.com.
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SOURCE Templar Energy LLC