Chaparral Energy completed its financial restructuring and emerged from Chapter 11 bankruptcy protection. The company, whose financial reorganization plan was confirmed by the U.S. Bankruptcy Court of Delaware on March 10, converted $1.2 billion of pre-petition debt to equity and eliminated approximately $100 million of annual interest expense.

Chaparral’s new capital structure includes its cash on hand, as well as a reserve-based lending facility with an initial borrowing base of $225 million and an additional $150 million term loan. Both the revolver and term loan will mature in four years.

According to a related 8-K filing, JPMorgan Chase served as administrative agent, sole lead arranger and sole bookrunner for the financing.

The company also received an additional $50 million in cash after issuing equity from a rights offering. Chaparral currently has more than $100 million in liquidity.

“I would like to thank our lenders, noteholders, advisors and members of our former board of directors for their guidance and efforts in helping Chaparral successfully complete this process,” said CEO K. Earl Reynolds. “I would also like to express our gratitude to our vendors, contractors and royalty owners for their patience and support, as well as our outstanding employees, whose tireless efforts and commitment to excellence allowed us to complete this process without any interruption to our day-to-day operations.”

Chaparral has been advised through this process by financial advisor Evercore, restructuring advisor Opportune and the law firm of Latham & Watkins.

Oklahoma City, OK-based Chaparral is an independent oil and natural gas exploration and production company. Founded in 1988, Chaparral is a Mid-Continent operator with focused operations in Oklahoma’s fast-growing STACK Play. The company is also the third largest oil producer in Oklahoma with more than 400,000 net surface acres and potential production reserves of more than 1 billion barrels of oil equivalent.