Remora Petroleum L.P.

Situation

Remora filed for bankruptcy protection on August 12, 2020 in the Southern District of Texas and emerged just three short months later as part of the pre-arranged bankruptcy. At the petition date, Remora had $36.1 million in indebtedness under its pre-petition first lien loan agreement and $25.0 million under the second lien loan agreement.

Gordian was retained by Remora in June 2020 to serve as exclusive Investment Banker and Valuation Expert to the Debtor during the pendency of the Chapter 11 process.

Engagement

Remora, a Texas limited partnership headquartered in Austin, Texas, is an independent exploration and production company focused on the acquisition and development of U.S. onshore oil and natural gas resources. Remora is primarily focused on operated and non-operated, diversified assets across the Anadarko, Gulf Coast, Arkoma and Denver-Julesburg (“D-J”) Basins. Remora’s assets are 36% operated and 64% non-operated.

 

 

Outcome

Upon emergence, the Debtors assets were transferred to Reorganized Remora Operating which is wholly owned by the first lien lender, Bank of Oklahoma. Remora’s corporate headquarters will remain in Austin, Texas.