Cobra Oil & Gas Acquires Enduro's Assets In North Dakota -- February 7, 2019

Updates

Later, 6:27 p.m. CT: It looks like another 185 wells (+/-) were transferred from Enduro Operating to Cobra Oil & Gas. 
 

Original Post

Re-posting.

From the NDIC:

Change of operator: approximately 203 wells were transferred from Enduro Operating to Cobra Oil & Gas ... more on this later. 

One can find permits/wells in North Dakota operated by Cobra Oil & Gas at this link.

From PLS a year ago: 

Enduro signed a $45 million stalking horse PSA with Cobra Oil & Gas Corp. for the sale of long-lived conventional Madison waterflood assets in the Williston and Big Horn Basins in North Dakota. Enduro entered North Dakota in mid-2012 with its acquisition of Ward Williston Oil Company assets. The Ward Williston assets consisted of 162 wells on about 30,000 net acres mostly HBP acres in Renville, Bottineau and Burke counties. Wichita Falls, TX-based Cobra......

Enduro filed for bankruptcy about a year ago. Link here. 

Bloomberg here on Cobra.

Pretty good story at the Ft Worth Star-Telegram.

Enduro Resource Partners, an oil and natural gas exploration company founded in 2010 by the prominent Fort Worth father-and-son team Jon Brumley and Jonny Brumley, has filed for bankruptcy reorganization as the company prepares to sell its holdings in six states.

The company has been "undermined by persistently low oil and gas prices during the past several years," Kimberly Weimer, Enduro's chief financial officer, said in the documents, filed in Delaware Tuesday. Enduro's debt, she said, "became insurmountable."

Enduro has oil and gas properties in Texas, North Dakota, Louisiana, New Mexico, Wyoming and Montana.

Enduro sank $26 million more into the company in 2016, but it wasn't enough. The company was unable to restructure its debt.

By September 2017, Enduro realized it wouldn't be able to pay $208.7 million owed to Bank of America by March 30 of this year. It also owes $141.2 million to Wilmington Trust.

The company will continue to operate as it sheds its assets. The petition includes five Enduro subsidiaries and affiliates. It does not include Enduro Royalty Trust, a publicly traded Delaware trust formed in 2011.

In September 2017, Enduro sold some of its oil and gas properties in the Permian Basin in Texas and New Mexico for $49.1 million. In January, the company started the sale process. The properties are divided into four packages. Enduro has already secured stalking horse bidders for three of those packages. Those bids would bring $96.6 million.