Energy and Exploration Partners, LLC and its debtor affiliates announced that they have officially concluded their Chapter 11 financial reorganization after completing all required actions and satisfying the remaining conditions to effectiveness of their Plan of Reorganization, which was confirmed by the U.S. Bankruptcy Court for the Northern District of Texas (Fort Worth) by order dated April 26, 2016. By working constructively with its creditors, ENXP emerges from Chapter 11 having reduced its total debt by $1.1 billion and with a new capital structure that provides operational flexibility for the Company to enhance exploration and development of its assets in the East Texas stacked play.  ENXP emerges from chapter 11 five months after filing for bankruptcy protection, and with significant support from its new owners.

In conjunction with its emergence from Chapter 11, ENXP also closed on its new $90 million senior secured credit facility, which will provide sufficient liquidity for ENXP after satisfying the Company's debtor-in-possession obligations and other restructuring related expenses. All interest expenses related to this credit facility will be payable in kind.  The new credit facility gives ENXP adequate liquidity and flexibility to further invest in its business and to fund its strategic plan.

With the restructuring completed, ENXP can now also dedicate resources to invest in targeted projects to enhance current production volumes and develop other long-term growth options on its East Texas assets. Investments will be based on a prudent allocation of capital that acknowledges the current economic environment facing the industry.

Dr. Peter Hill has been appointed to the role of interim Chief Executive Officer of ENXP. He succeeds B. Hunt Pettit, who left the Company in April 2016, after founding ENXP in 2006. Dr. Hill has over 40 years of experience in the international oil and gas industry.

ENXP has been advised throughout this process by the law firm of Bracewell LLP, investment bank Evercore, financial advisor AP Services, LLC, as well as Prime Clerk LLC and EnerCom, Inc.

Energy and Exploration Partners, LLC is an independent exploration and production operator based in Fort Worth, Texas, focused on the acquisition, exploration and development of unconventional oil and gas resources. The Company's acreage position is predominately in an oil and liquids-rich basin in East Texas. The Company is based in Fort Worth, TX.