On April 13, 2016, Hydrocarb Energy Corporation and certain of its affiliates (collectively, “Hydrocarb” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas, Houston Division.
According to Hydrocarb’s Cash Collateral Motion (the “Motion”), Hydrocarb’s operations are focused on the acquisition, development, and production of oil and gas properties in the United States and onshore in Namibia, Africa. The Debtors own a 93% working interest in four fields in the shallow waters of Galveston Bay, Texas and a 90% working interest in a concession located in Namibia. See
Motion at 5-6.
Hydrocarb’s liabilities total approximately $6.2 million including (i) $4.5 pursuant to a 2014 Credit Agreement with Shadow Tree Capital Management LLC as agent; and (ii) $1.7 million under a Secured Convertible Promissory Note to Typenex Co-Insurance Investment LLC. See
Motion at 12.
The Debtors’ bankruptcy cases are being jointly administered in lead case captioned In re Hydrocarb Energy Corp., et al.,
Case No. 16-31922.
A copy of the Motion can be accessed here: Download Hydrocarb Cash Collateral Motion
For further information, please contact a Thompson & Knight Bankruptcy and Restructuring Attorney.