III Exploration Files For Bankruptcy in Utah

On July 26, 2016, III Exploration (the, “Debtor”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Utah, Central Division.According to the Motion for Order Approving Debtor’s Assumption of Transition Services Agreement with Petroglyph Operating Company, Inc. (the “TSA Motion”), Debtor is engaged in the exploration and production of oil and natural gas deposits, primarily in the Uinta Basin in Utah.  The Debtor also has interests in assets in the Raton Basin located in Colorado and Williston Basin in North Dakota. See TSA Motion at 5.Debtors’ liabilities total approximately $241 million which include: (i) $84 million pursuant to a 2013 Credit Agreement with Wilmington Trust, National Association as administrative agent; (ii) $ 25 million pursuant to a 2013 Second Lien Facility with KeyBank as administrative agent; and (iii) $132 million pursuant to an unsecured promissory note with an affiliate.  See TSA Motion at 17-21.The Debtor’s bankruptcy case is captioned In re III Exploration II LP, Case No. 16-26471. The bankruptcy case has been assigned to Judge R. Kimball Mosier.A copy of the TSA Motion can be accessed here: Download TSA Motion.For further information, please contact a Thompson & Knight Bankruptcy and Restructuring Attorney. For more information on the Thompson & Knight’s Bankruptcy and Restructuring Practice, please visit www.tklaw.com/bankruptcy-and-restructuring/