RAAM Global Energy Company Files For Bankruptcy in Houston, Texas

On October 26, 2015, RAAM Global Energy Company and its subsidiaries (collectively, the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas, Houston Division.  The cases have been assigned to Judge Marvin Isgur.According to the declaration of the Debtors’ Chief Restructuring Officer James R. Latimer, III, (the “Latimer Declaration”), the Debtors’ producing assets are located offshore in the Gulf of Mexico and onshore in Louisiana, Texas, Oklahoma, and California.  However, the Debtors’ current drilling program is focused on the Breton Sound, located offshore in State of Louisiana waters.  As of September 30, 2015, the Debtors had estimated total proved oil and natural gas reserves of 8,570 MMBoe (26% oil).  For the six months ended June 30, 2015, the Debtors’ net daily production averaged 7,116 barrels of oil equivalent per day (BOEPD), which generated estimated revenue of approximately $33.4 million.  Latimer Declaration at 3-4.The Debtors’ indebtedness includes (i) $63.8 million owed (as of Sept. 30, 2015) on account of a first lien senior secured term loan facility and (ii) $238.0 million owed (as of Sept. 30, 2015) on account of secured notes.  Latimer Declaration at 4-7.The Debtors’ bankruptcy cases are being jointly administered in the bankruptcy case captioned In re RAAM Global Energy Company, Case No. 15-35615.A copy of the Latimer Declaration can be accessed here: Download Latimer Declaration.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/.