Samson Resources Seeks Bankruptcy Protection; Saturday, August 15, 2015

Unless there's some kind of miracle, it looks like Tiger Woods will miss the cut at the PGA Championship.

*****************************

Bakken

A reader reminds me about the "webinaires" posted by NDIC. In the July video, the reader notes:

• Bakken production can maintain for a couple years using inventory of DUCs;
• there is about a 1% drop in liquid oil volume is estimate from the new stabilization rules. Also, this is part of the reason why gas has grown. (Moving light ends out of the crude and into the gas plants.); and, 
• a few other things like the Lake Sakakawea pipeline, etc.

A big "thank you" to the reader for reminding me. 

Samson Resources files for bankruptcy protection. The Wall Street Journal is reporting:

KKR & Co.’s Samson Resources Corp. plans to file for chapter 11 bankruptcy protection by mid-September after finalizing a restructuring plan with key lenders Friday.
The filing would represent the biggest corporate casualty yet of a slump in oil and gas prices and another black mark in energy for the private-equity pioneer.

The Tulsa, Okla.-based oil and gas producer agreed to hand ownership to a group of its lenders in bankruptcy, the company said in a statement Friday, confirming an earlier Wall Street Journal report. The move would wipe out the roughly $4.1 billion in cash KKR and its partners invested in the company. The private-equity firm led a $7.2 billion leveraged buyout of Samson in 2011, the biggest-ever such deal for an oil and gas producer.

Samson’s board approved the restructuring agreement Friday afternoon, according to a person familiar with the deal.

The energy producer intends to skip a bond payment due Monday and use a 30-day grace period to seek broader creditor support for its plan, the company’s statement said. Chapter 11 of the bankruptcy code allows companies to restructure debt and take other steps to improve their finances.

Back in April, 2015, FuelFix reported this was likely to occur.