| Successor Condensed Consolidated Balance Sheet |
The following table reconciles the enterprise value to the estimated reorganization value as of the Effective Date (in thousands): | | | | | Enterprise Value | $ | 642,999 |
| Plus: Cash and cash equivalents | 70,183 |
| Plus: Working capital liabilities | 63,871 |
| Plus: Other long-term liabilities | 17,919 |
| Reorganization value of Successor assets | $ | 794,972 |
|
The explanatory notes highlight methods used to determine estimated fair values or other amounts of assets and liabilities, as well as significant assumptions. | | | | | | | | | | | | | | | | | | Predecessor Company | | Reorganization Adjustments | | Fresh-Start Adjustments | | Successor Company | | (in thousands, except share amounts) | ASSETS | | | | | | | | Current Assets: | | | | | | | | Cash and cash equivalents | $ | 96,286 |
| | $ | (26,103 | ) | (1) | $ | — |
| | $ | 70,183 |
| Accounts receivable: |
| | | | | |
| Oil and gas sales | 24,876 |
| | — |
| | — |
| | 24,876 |
| Joint interest and other | 3,028 |
| | — |
| | — |
| | 3,028 |
| Prepaid expenses and other | 4,952 |
| | — |
| | — |
| | 4,952 |
| Inventory of oilfield equipment | 4,218 |
| | — |
| | — |
| | 4,218 |
| Total current assets | 133,360 |
| | (26,103 | ) | | — |
| | 107,257 |
| Property and equipment (successful efforts method): | | | | | | | | Proved properties | 2,531,834 |
| | — |
| | (2,031,373 | ) | (6) | 500,461 |
| Less: accumulated depreciation, depletion and amortization | (1,720,736 | ) | | — |
| | 1,720,736 |
| (6) | — |
| Total proved properties, net | 811,098 |
| | — |
| | (310,637 | ) | | 500,461 |
| Unproved properties | 163,781 |
| | — |
| | 14,679 |
| (6) | 178,460 |
| Wells in progress | 18,002 |
| | — |
| | (18,002 | ) | (7) | — |
| Other property and equipment, net | 6,056 |
| | — |
| | — |
| | 6,056 |
| Total property and equipment, net | 998,937 |
| | — |
| | (313,960 | ) | | 684,977 |
|
| | | | | | | | | | | | | | | | | Other noncurrent assets | 2,738 |
| | — |
| | — |
| | 2,738 |
| Total assets | $ | 1,135,035 |
| | $ | (26,103 | ) | | $ | (313,960 | ) | | $ | 794,972 |
| | | | | | | | | LIABILITIES AND STOCKHOLDERS'S EQUITY | | | | | | | | Current liabilities: | | | | | | | | Accounts payable and accrued expenses | $ | 72,635 |
| | $ | (33,701 | ) | (2) | $ | — |
| | $ | 38,934 |
| Oil and gas revenue distribution payable | 24,937 |
| | — |
| | — |
| | 24,937 |
| Predecessor credit facility - current portion | 191,667 |
| | (191,667 | ) | (3) | — |
| | — |
| Total current liabilities | 289,239 |
| | (225,368 | ) | | — |
| | 63,871 |
| Long-term liabilities: | | | | | | | | Ad valorem taxes | 17,919 |
| | — |
| | — |
| | 17,919 |
| Asset retirement obligations for oil and gas properties | 31,660 |
| | — |
| | (2,599 | ) | (8) | 29,061 |
| Liabilities subject to compromise | 873,292 |
| | (873,292 | ) | (4) | — |
| | — |
| Total liabilities | $ | 1,212,110 |
| | $ | (1,098,660 | ) | | $ | (2,599 | ) | | $ | 110,851 |
| Stockholders' equity: | | | | | | | | Predecessor preferred stock | — |
| | — |
| | — |
| | — |
| Predecessor common stock | 49 |
| | — |
| | (49 | ) | (9) | — |
| Additional paid in capital | 816,679 |
| | — |
| | (816,679 | ) | (9) | — |
| Successor common stock | — |
| | 204 |
| (5) | — |
| | 204 |
| Successor warrants | — |
| | 4,081 |
| (5) | — |
| | 4,081 |
| Additional paid-in capital | — |
| | 679,836 |
| (5) | — |
| | 679,836 |
| Retained deficit | (893,803 | ) | | 388,436 |
| (4) | 505,367 |
| (10) | — |
| Total stockholders' equity | (77,075 | ) | | 1,072,557 |
| | (311,361 | ) | | 684,121 |
| Total liabilities and stockholders' equity | $ | 1,135,035 |
| | $ | (26,103 | ) | | $ | (313,960 | ) | | $ | 794,972 |
|
|
| Schedule of Liabilities Subject to Compromise |
On the Effective Date, the obligations of the Company with respect to the Senior Notes were canceled. Liabilities subject to compromise were settled as follows in accordance with the Plan (in thousands): | | | | | Senior Notes | $ | 800,000 |
| Accrued interest on Senior Notes (pre-petition) | 14,879 |
| Make-whole payment on Senior Notes | 51,185 |
| Silo contract settlement accrual | 7,228 |
| Total liabilities subject to compromise of the predecessor | 873,292 |
| | | Rights offering | 200,000 |
| Fair value of equity issued to creditors, excluding equity issued to existing equity holders | (653,212 | ) | Payment of Silo contract settlement | (7,228 | ) | Gain on settlement of liabilities subject to compromise | 412,852 |
| | | Payment on predecessor credit facility fees and remaining unaccrued 2016 STIP | (1,007 | ) | | | Total reorganization items at emergence | $ | 411,845 |
| | | Issuance of warrants to existing shareholders | $ | (4,081 | ) | Proceeds from ad hoc equity committee | 7,500 |
| Issuance of shares to existing shareholders | (26,828 | ) | Total reorganization adjustments to retained deficit | $ | 388,436 |
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