Sanchez Energy Successfully Completes Financial Restructuring; Emerges as Mesquite Energy, Inc.

HOUSTON, June 30, 2020 (GLOBE NEWSWIRE) -- Sanchez Energy Corporation today announced that it has completed its financial restructuring and emerged from Chapter 11 as a privately held corporation under the name Mesquite Energy, Inc. (“Mesquite Energy” or the “Company”).

In connection with the restructuring and pursuant to the plan of reorganization, the Company eliminated substantially all of the debt from its balance sheet, which totaled approximately $2.3 billion.           

“We are excited to begin our new chapter as Mesquite Energy, a simpler and leaner company, guided by our core principles of cost discipline and production efficiency to create long-term value for our stakeholders,” said Cameron W. George, Interim Chief Executive Officer, Executive Vice President and Chief Financial Officer of Mesquite Energy. “With a clean balance sheet and substantial repositioning of our cost structure, we have taken the hard but necessary steps to become profitable in this low commodity price environment.”

Mr. George continued, “I want to thank our loyal employees and many stakeholders for their dedication and patience in sticking with us throughout the restructuring process. We have navigated truly unprecedented times, including the ongoing pandemic, global market volatility and a commodity price collapse in which oil prices fell below zero for the first time. Our successful emergence today is a testament to our resilience as a company and the tireless work and commitment of our entire team.”

BOARD OF DIRECTORS

Nathan H. Van Duzer is Managing Director, Special Situations at Fidelity Investments. In his role at Fidelity, he leads a team responsible for corporate reorganizations and restructurings in Fidelity’s High Income and Alternatives Division. In his 20-year career at Fidelity, he has worked on hundreds of in-court and out-of-court restructurings across a wide array of industries. Mr. Van Duzer has represented Fidelity investors’ interests as an observer on numerous corporate boards and currently serves as a director for Lucchese Bootmaker, Inc. He holds a Bachelor of Science from the United States Military Academy and a Juris Doctor from the University of Virginia School of Law.