HOUSTON, Sept. 24, 2019 /PRNewswire/ -- American Energy – Permian Basin, LLC (the "Company") announced today that on September 23, 2019, the Company, Sable Permian Resources, LLC ("SPR") and certain of their affiliates entered into a commitment letter whereby SPR agreed to contribute $375 million in cash to the Company.
The $375 million cash contribution is conditioned upon the consummation of the previously announced comprehensive out-of-court restructuring plan (including the tender offers for any and all of the Company's outstanding senior notes) or, if the out-of-court restructuring plan is not consummated, the confirmation of the previously announced prepackaged plan of reorganization under Chapter 11 of the United States Bankruptcy Code and the consummation of the transactions contemplated therein, in either case, upon the terms and subject to the conditions set forth in the previously announced restructuring support agreement with certain consenting noteholders and the Company's offering memorandum describing the transactions.
About American Energy – Permian Basin, LLC
American Energy – Permian Basin, LLC is an independent oil and natural gas company focused on the acquisition, development and production of unconventional oil and natural gas reserves in the Wolfcamp Shale play in the Southern Midland Basin within the Permian Basin of West Texas.
About Sable Permian Resources, LLC
Sable Permian Resources, LLC is an independent oil and natural gas company focused on the acquisition, development and production of unconventional oil and natural gas reserves in the Wolfcamp Shale play in the Southern Midland Basin within the Permian Basin of West Texas. Sable Permian Resources, LLC is the parent entity of American Energy – Permian Basin, LLC and operates on its behalf.
The information in this press release includes "forward-looking statements." All statements, other than statements of historical fact included in this press release, regarding the Company's strategy, future operations, financial position, estimated revenues and losses, projected production, projected costs, prospects, plans and objectives of management, are forward-looking statements. When used in this press release, the words "could," "believe," "anticipate," "intend," "estimate," "expect," "guidance," "forecast" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on the Company's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. These forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events, which may differ from actual outcomes. While the Company makes these statements and projections in good faith, neither the Company nor the Company's management can guarantee that anticipated future results will be achieved. The Company assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by the Company, whether as a result of new information, future events, or otherwise.
SOURCE American Energy - Permian Basin, LLC