|
Gary C. Hanna
Chairman of the Board |
| |
Douglas E. Brooks
Chief Executive Officer and President |
|
| | |
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| | | | A-1 | | | |
| | | | B-1 | | | |
| | | | C-1 | | |
| | |
Three Months Ended
|
| |
Fiscal Year
Ended December 31, 2017(1) |
| |
On
December 31, 2016(2) |
| |||||||||||||||
| | |
March 31,
2018 |
| |
March 31,
2017 |
| ||||||||||||||||||
| | |
(in thousands, except per share amounts)
|
| |||||||||||||||||||||
Income Statement Data | | | | | | ||||||||||||||||||||
Revenues
|
| | | $ | 122,171 | | | | | $ | 158,086 | | | | | $ | 511,644 | | | | | $ | — | | |
Total lease operating expense
|
| | | | 82,022 | | | | | | 77,267 | | | | | | 319,671 | | | | | | — | | |
Pipeline facility fee
|
| | | | 10,494 | | | | | | 10,494 | | | | | | 41,977 | | | | | | — | | |
Depreciation, depletion and amortization
|
| | | | 27,411 | | | | | | 41,896 | | | | | | 150,151 | | | | | | — | | |
Impairment of oil and natural gas properties
|
| | | | — | | | | | | 40,774 | | | | | | 185,860 | | | | | | 406,275 | | |
Goodwill impairment
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
General and administrative
|
| | | | 15,132 | | | | | | 21,604 | | | | | | 72,057 | | | | | | — | | |
Operating (loss) income
|
| | | | (29,504) | | | | | | (60,735) | | | | | | (326,428) | | | | | | (406,275) | | |
Other (expense) income – net
|
| | | | (3,551) | | | | | | (3,812) | | | | | | (14,582) | | | | | | — | | |
Net (loss) income
|
| | | | (33,055) | | | | | | (64,547) | | | | | | (341,010) | | | | | | (406,275) | | |
Basic (loss) earnings per common share
|
| | | $ | (0.99) | | | | | $ | (1.94) | | | | | $ | (10.26) | | | | | $ | (12.23) | | |
Diluted (loss) earnings per common share
|
| | | $ | (0.99) | | | | | $ | (1.94) | | | | | $ | (10.26) | | | | | $ | (12.23) | | |
Cash Flow Data | | | | | | ||||||||||||||||||||
Provided by (used in) | | | | | | ||||||||||||||||||||
Operating activities
|
| | | $ | (16,800) | | | | | $ | (13,702) | | | | | $ | 45,638 | | | | | $ | — | | |
Investing activities
|
| | | | | ||||||||||||||||||||
Acquisitions
|
| | | | (12,977) | | | | | | (19,105) | | | | | | — | | | | | | — | | |
Investment in properties
|
| | | | — | | | | | | 2,051 | | | | | | (59,223) | | | | | | — | | |
Proceeds from the sale of properties
|
| | | | 250 | | | | | | 1,269 | | | | | | 4,119 | | | | | | — | | |
Other
|
| | | | — | | | | | | — | | | | | | 41 | | | | | | — | | |
Total investing activities
|
| | | | (12,727) | | | | | | (15,785) | | | | | | (55,063) | | | | | | — | | |
Financing activities
|
| | | | (10,077) | | | | | | (602) | | | | | | (4,214) | | | | | | — | | |
(Decrease) increase in cash
|
| | | $ | (39,604) | | | | | $ | (30,089) | | | | | $ | (13,639) | | | | | $ | — | | |
Dividends Paid per Common Share
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | |
March 31,
2018 |
| |
March 31,
2017 |
| |
December 31,
2017 |
| |
December 31,
2016 |
| ||||||||||||
| | |
(in thousands, except share amounts)
|
| |||||||||||||||||||||
Balance Sheet Data | | | | | | ||||||||||||||||||||
Total assets
|
| | | $ | 1,025,035 | | | | | $ | 1,230,137 | | | | | $ | 1,076,982 | | | | | $ | 1,480,707 | | |
Long-term debt including current maturities
|
| | | | 63,978 | | | | | | 77,612 | | | | | | 73,973 | | | | | | 78,497 | | |
Stockholders’ equity (deficit)
|
| | | | 134,409 | | | | | | 432,020 | | | | | | 164,192 | | | | | | 495,715 | | |
Common shares outstanding
|
| | | | 33,268,478 | | | | | | 33,211,594 | | | | | | 33,254,963 | | | | | | 33,211,594 | | |
| | |
Year Ended
December 31, 2017 |
| |
April 15, 2016
(Inception) to December 31, 2016 |
| ||||||
Income Statement Data | | | | ||||||||||
Total Net Revenues
|
| | | $ | 198,049,073 | | | | | $ | 128,813,339 | | |
Cash Flow Data | | | | ||||||||||
Net Cash Provided by Operating Activities
|
| | | $ | 83,053,820 | | | | | $ | 36,231,975 | | |
| | |
December 31,
2017 |
| |
December 31,
2016 |
| ||||||
Balance Sheet Data | | | | ||||||||||
Total Assets
|
| | | | 403,379,718 | | | | | | 386,791,584 | | |
Total Members’ Equity
|
| | | | 175,650,565 | | | | | | 211,331,184 | | |
| | |
2018E
|
| |
2019E
|
| |
2020E
|
| |
2021E
|
| |
2022E
|
| |
2023E
|
| |
2024E+
|
| |||||||||||||||||||||
Oil ($/Bbl)
|
| | | $ | 65.13 | | | | | $ | 62.96 | | | | | $ | 59.96 | | | | | $ | 57.61 | | | | | $ | 55.88 | | | | | $ | 55.28 | | | | | $ | 55.28 | | |
Gas ($/Mcf)
|
| | | $ | 2.92 | | | | | $ | 2.77 | | | | | $ | 2.67 | | | | | $ | 2.65 | | | | | $ | 2.66 | | | | | $ | 2.81 | | | | | $ | 2.81 | | |
| | |
Implied Total Enterprise Value
|
| |||||||||
($ in millions)
|
| |
Low
|
| |
High
|
| ||||||
Net Asset Value Analysis(1) | | | | ||||||||||
Strip 1P Present Value
|
| | | $ | 104 | | | | | $ | 172 | | |
Strip 2P Present Value
|
| | | $ | 232 | | | | | $ | 340 | | |
Discounted Cash Flows Analysis(2)
|
| | | $ | 193 | | | | | $ | 367 | | |
Precedent Asset Transactions Analysis(3) | | | | ||||||||||
2018E Production
|
| | | $ | 292 | | | | | $ | 465 | | |
Strip 1P Reserves
|
| | | $ | 260 | | | | | $ | 468 | | |
Trading Comparables Analysis(4) | | | | ||||||||||
2018E Production
|
| | | $ | 399 | | | | | $ | 532 | | |
Strip 1P Reserves
|
| | | $ | 416 | | | | | $ | 520 | | |
Enterprise Value/2018E EBITDA(5)
|
| | | $ | 355 | | | | | $ | 474 | | |
Premium Paid Analysis
|
| | | $ | 459 | | | | | $ | 484 | | |
| | | | | | | | | | | | | | |
Total Enterprise Value to
|
| | | | | | | | | | | | | | | | | | | |||||||||||||||||||||
| | | | | | | | | | | | | | |
EBITDAX(1)
|
| |
Total Debt to
|
| ||||||||||||||||||||||||||||||||||||
($ in millions)
|
| |
Market
Capitalization |
| |
Adjusted
Total Enterprise Value |
| |
2018E
|
| |
2019E
|
| |
1P
SEC PV10 |
| |
P&A
PV10 |
| |
2018E
EBITDAX |
| |
Proved
Reserves ($/Boe) |
| |
Most
Recent Quarter Production ($/Boepd) |
| |||||||||||||||||||||||||||
Talos
|
| | | $ | 1,705 | | | | | $ | 2,284 | | | | | | 3.9x | | | | | | NA | | | | | | 1.0x | | | | | | 4.8x | | | | | | 1.3x | | | | | $ | 4.86 | | | | | $ | 14,022 | | |
W&T Offshore
|
| | | | 908 | | | | | | 1,667 | | | | | | 5.4x | | | | | | 5.0x | | | | | | 2.3x | | | | | | 8.7x | | | | | | 2.9x | | | | | | 11.78 | | | | | | 24,064 | | |
Fieldwood
|
| | | | 700 | | | | | | 2,251 | | | | | | 2.5x | | | | | | 2.8x | | | | | | 0.9x | | | | | | NA | | | | | | 1.9x | | | | | | 6.20 | | | | | | 22,147 | | |
Mean
|
| | | | 3.9x | | | | | | 3.9x | | | | | | 1.4x | | | | | | 6.7x | | | | | | 2.0x | | | | | $ | 7.61 | | | | | $ | 20,077 | | | ||||||||||||
Median
|
| | | | 3.9x | | | | | | 3.9x | | | | | | 1.0x | | | | | | 6.7x | | | | | | 1.9x | | | | | | 6.20 | | | | | | 22,147 | | |
| | | | | | | | | | | | | | | | | | | | |
Headline Metrics
|
| |
Price Adjusted Metrics(1)
|
| ||||||||||||||||||
Date
|
| |
Buyer
|
| |
Seller
|
| |
Deal
Value ($MM) |
| |
Reserves/
Production (Years) |
| |
$/
Proved Boe |
| |
$/
Daily Boe |
| |
$/
Proved Boe |
| |
$/
Daily Boe |
| ||||||||||||||||||
May 2018 | | | Orinoco Natural Resources | | | Energy XXI | | | | | NA | | | | | | 4.0 | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | |
Jan. 2018 | | | Orinoco Natural Resources | | |
PetroQuest Energy
|
| | | | NA | | | | | | 2.2 | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | |
July 2017 | | | Orinoco Natural Resources | | | Northstar Offshore Group |
| | | $ | 13 | | | | | | NA | | | | | | NA | | | | | | 9,743 | | | | | | NA | | | | | | 11,144 | | |
July 2015 | | |
Undisclosed Buyer
|
| | Energy XXI | | | | | 21 | | | | | | 12.6 | | | | | | 2.23 | | | | | | 10,244 | | | | | | 2.45 | | | | | | 11,230 | | |
Sept. 2014
|
| | W&T Offshore | | |
Undisclosed Seller
|
| | | | 18 | | | | | | 4.6 | | | | | | 4.00 | | | | | | 6,693 | | | | | | 2.94 | | | | | | 4,920 | | |
June 2014 | | | Talos | | | Stone Energy | | | | | 200 | | | | | | 3.7 | | | | | | 15.44 | | | | | | 21,053 | | | | | | 10.26 | | | | | | 13,994 | | |
Mar. 2014 | | | Energy XXI | | | EPL Oil & Gas | | | | | 2,255 | | | | | | 10.3 | | | | | | 28.87 | | | | | | 108,413 | | | | | | 19.45 | | | | | | 73,018 | | |
Apr. 2014 | | |
Energy XXI M21K
|
| | Energy XXI | | | | | 123 | | | | | | 6.4 | | | | | | 26.15 | | | | | | 61,450 | | | | | | 17.71 | | | | | | 41,609 | | |
Mar. 2014 | | | Rooster Energy | | |
Cochon Properties
|
| | | | 30 | | | | | | 6.7 | | | | | | 11.22 | | | | | | 27,273 | | | | | | 7.15 | | | | | | 17,376 | | |
Jan. 2014 | | | Fieldwood | | |
SandRidge Energy
|
| | | | 750 | | | | | | 6.3 | | | | | | 13.11 | | | | | | 30,000 | | | | | | 9.19 | | | | | | 21,024 | | |
Jan. 2014 | | | EPL Oil & Gas | | | CNOOC (China) | | | | | 70 | | | | | | 7.9 | | | | | | 27.08 | | | | | | 78,222 | | | | | | 18.72 | | | | | | 54,080 | | |
| | | Mean (All Deals) | | | | | 6.5 | | | | | $ | 16.01 | | | | | $ | 39,232 | | | | | $ | 10.98 | | | | | $ | 27,600 | | | |||||||||
| | | Median (All Deals) | | | | | 6.4 | | | | | | 14.28 | | | | | | 27,273 | | | | | | 9.73 | | | | | | 17,376 | | | |||||||||
| | | Mean (2015 to Current) | | | | | 6.3 | | | | | $ | 2.23 | | | | | $ | 9,993 | | | | | $ | 2.45 | | | | | $ | 11,187 | | | |||||||||
| | | Median (2015 to Current) | | | | | 4.0 | | | | | | 2.23 | | | | | | 9,993 | | | | | | 2.45 | | | | | | 11,187 | | |
| | |
Premium
|
| |||||||||||||||||||||||||||
| | |
1-day
Prior |
| |
10-day
VWAP |
| |
30-day
VWAP |
| |
60-day
VWAP |
| |
90-day
VWAP |
| |||||||||||||||
Precedent Transactions Mean
|
| | | | 25.1% | | | | | | 23.8% | | | | | | 25.6% | | | | | | 28.2% | | | | | | 28.6% | | |
Precedent Transactions Median
|
| | | | 24.8% | | | | | | 24.3% | | | | | | 28.2% | | | | | | 29.1% | | | | | | 29.7% | | |
Merger
|
| | | | 21.5% | | | | | | NA | | | | | | 22.5% | | | | | | 41.7% | | | | | | NA | | |
| | |
Year ending December 31,
|
| | |||||||||||||||||||||||||||||
($ in thousands)
|
| |
2018
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| | |||||||||||||||||
Production | | | | | | | | |||||||||||||||||||||||||||
Net Oil Production (MBOPD)
|
| | | | 21.4 | | | | | | 25.4 | | | | | | 29.5 | | | | | | 31.3 | | | | | | 29.0 | | | | ||
Net NGL Production (MBOPD)
|
| | | | 0.4 | | | | | | 0.6 | | | | | | 0.9 | | | | | | 1.1 | | | | | | 0.8 | | | | ||
Net Gas Production (MMCFD)
|
| | | | 28.3 | | | | | | 32.2 | | | | | | 47.7 | | | | | | 60.3 | | | | | | 46.9 | | | | ||
Total Production (MBOED)
|
| | | | 26.6 | | | | | | 31.3 | | | | | | 38.4 | | | | | | 42.5 | | | | | | 37.6 | | | | ||
Price Strip | | | | | | | | |||||||||||||||||||||||||||
Realized OIL ($/Bbl)
|
| | | $ | 66.61 | | | | | $ | 63.96 | | | | | $ | 60.96 | | | | | $ | 58.61 | | | | | $ | 56.88 | | | | ||
Realized NGLs ($/Bbl)
|
| | | | 34.01 | | | | | | 31.48 | | | | | | 29.98 | | | | | | 28.81 | | | | | | 27.94 | | | | ||
Realized GAS ($/Mcf)
|
| | | | 2.94 | | | | | | 2.77 | | | | | | 2.67 | | | | | | 2.65 | | | | | | 2.66 | | | | ||
Revenue | | | | | | | | |||||||||||||||||||||||||||
Crude Oil Sales
|
| | | $ | 520,964 | | | | | $ | 592,165 | | | | | $ | 658,335 | | | | | $ | 670,458 | | | | | $ | 602,427 | | | | ||
NGL Sales
|
| | | | 5,346 | | | | | | 6,328 | | | | | | 9,716 | | | | | | 11,137 | | | | | | 7,657 | | | | ||
Natural Gas Sales
|
| | | | 30,467 | | | | | | 32,478 | | | | | | 46,512 | | | | | | 58,341 | | | | | | 45,593 | | | | ||
Derivative Revenues
|
| | | | (48,567) | | | | | | (7,193) | | | | | | — | | | | | | — | | | | | | — | | | | ||
Other Revenue
|
| | | | 4,698 | | | | | | 4,140 | | | | | | 4,140 | | | | | | 4,140 | | | | | | 4,140 | | | | ||
Total Revenue
|
| | | $ | 512,908 | | | | | $ | 627,918 | | | | | $ | 718,702 | | | | | $ | 744,075 | | | | | $ | 659,816 | | | | ||
Total Expenses | | | | | | | | |||||||||||||||||||||||||||
Lease operating
|
| | | $ | (311,517) | | | | | $ | (296,504) | | | | | $ | (281,242) | | | | | $ | (279,042) | | | | | $ | (276,864) | | | | ||
Production taxes
|
| | | | (2,252) | | | | | | (1,577) | | | | | | (1,786) | | | | | | (1,850) | | | | | | (1,639) | | | | ||
Gathering and transportation
|
| | | | (26,615) | | | | | | (29,698) | | | | | | (28,489) | | | | | | (28,432) | | | | | | (28,375) | | | | ||
Pipeline Facility Fees
|
| | | | (41,977) | | | | | | (41,977) | | | | | | (41,977) | | | | | | (41,977) | | | | | | (41,977) | | | | ||
General and administrative expenses
|
| | | | (58,595) | | | | | | (55,157) | | | | | | (53,896) | | | | | | (53,634) | | | | | | (53,634) | | | | ||
Total Operating Expenses
|
| | | $ | (440,957) | | | | | $ | (424,914) | | | | | $ | (407,391) | | | | | $ | (404,934) | | | | | $ | (402,489) | | | | ||
LTM EBITDA
|
| | | $ | 71,661 | | | | | $ | 203,004 | | | | | $ | 311,312 | | | | | $ | 339,141 | | | | | $ | 257,327 | | | | ||
Capex | | | | | | | | |||||||||||||||||||||||||||
Abandonment
|
| | | $ | (55,553) | | | | | $ | (51,554) | | | | | $ | (53,103) | | | | | $ | (54,401) | | | | | $ | (48,720) | | | | ||
Capex excluding Abandonment
|
| | | | (105,167) | | | | | | (198,106) | | | | | | (280,857) | | | | | | (200,256) | | | | | | (178,650) | | | | ||
Total Capex
|
| | | $ | (160,720) | | | | | $ | (249,661) | | | | | $ | (333,960) | | | | | $ | (254,656) | | | | | $ | (227,370) | | | | | |
Net Unlevered Cash Flow
|
| | | $ | (88,769) | | | | | $ | (46,656) | | | | | $ | (22,648) | | | | | $ | 84,485 | | | | | $ | 29,957 | | | | ||
|
Non-Employee Directors
|
| |
Number of
EGC RSUs (#)(1) |
| |
Value of
EGC RSUs ($)(1) |
| ||||||
Michael S. Bahorich
|
| | | | 42,048 | | | | | | 382,637 | | |
Gabriel L. Ellisor
|
| | | | 70,660 | | | | | | 643,006 | | |
Gary C. Hanna
|
| | | | 152,759 | | | | | | 1,390,107 | | |
Stanford Springel
|
| | | | 28,911 | | | | | | 263,090 | | |
Charles W. Wampler
|
| | | | 42,048 | | | | | | 382,637 | | |
Executive Officers
|
| |
Number of
Vested Stock Options (#)(1) |
| |
Value of
Vested Stock Options ($)(1) |
| |
Estimated
Total Consideration ($) |
| |||||||||
Douglas E. Brooks*
|
| | | | 56,986 | | | | | | 0 | | | | | | 0 | | |
T.J. Thom Cepak
|
| | | | — | | | | | | — | | | | |||||
Scott M. Heck
|
| | | | 14,639 | | | | | | 0 | | | | | | 0 | | |
Marguerite Woung-Chapman
|
| | | | 0 | | | | | | — | | | | | | — | | |
Executive Officers
|
| |
Number of
Unvested Stock Options (#)(1) |
| |
Value of
Unvested Stock Options ($)(1) |
| |
Number of
EGC RSUs (#)(2) |
| |
Value of
EGC RSUs ($)(1) |
| |
Estimated Total
Consideration ($) |
| |||||||||||||||
Douglas E. Brooks*
|
| | | | 115,700 | | | | | | 0 | | | | | | 441,049 | | | | | | 4,013,546 | | | | | | 4,013,546 | | |
T.J. Thom Cepak
|
| | | | 0 | | | | | | — | | | | | | 194,300 | | | | | | 1,768,130 | | | | | | 1,768,130 | | |
Scott M. Heck
|
| | | | 29,724 | | | | | | 0 | | | | | | 167,823 | | | | | | 1,527,189 | | | | | | 1,527,189 | | |
Marguerite Woung-Chapman
|
| | | | 0 | | | | | | — | | | | | | 93,264 | | | | | | 848,702 | | | | | | 848,702 | | |
Name
|
| |
Cash(2)
|
| |
Equity(3)
|
| |
Pension/
NQDC(4) |
| |
Perquisites/
Benefits(5) |
| |
Tax
Reimbursement(6) |
| |
Other(7)
|
| |
Total
|
| |||||||||||||||||||||
Douglas E. Brooks
Chief Executive Officer |
| | | $ | 2,296,000 | | | | | $ | 4,013,546 | | | | | | 0 | | | | | $ | 29,863 | | | | | | 0 | | | | | $ | 33,943 | | | | | $ | 6,373,352 | | |
T.J. Thom Cepak
Chief Financial Officer |
| | | $ | 1,800,000 | | | | | $ | 1,768,130 | | | | | | 0 | | | | | $ | 44,248 | | | | | | 0 | | | | | $ | 20,986 | | | | | $ | 3,633,364 | | |
Scott M. Heck
Chief Operating Officer |
| | | $ | 1,400,000 | | | | | $ | 1,527,189 | | | | | | 0 | | | | | $ | 1,148 | | | | | | 0 | | | | | $ | 34,075 | | | | | $ | 2,962,412 | | |
Michael S. Reddin(8)
Former Chief Executive Officer |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
John D. Schiller, Jr.(8)
Former Chief Executive Officer |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Hugh A. Menown(8)
Former Chief Financial Officer |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Bruce W. Busmire(8)
Former Chief Financial Officer |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Antonio de Pinho(8)
Former Chief Operating Officer |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Unrestricted Common
Stock of EXXI Ltd |
| |||||||||
| | |
High
|
| |
Low
|
| ||||||
Fiscal Year 2016 | | | | ||||||||||
First Quarter
|
| | | $ | 2.49 | | | | | $ | 0.95 | | |
Second Quarter
|
| | | | 2.30 | | | | | | 1.00 | | |
Third Quarter
|
| | | | 1.38 | | | | | | 0.33 | | |
April 1, 2016 to April 24, 2016
|
| | | | 0.71 | | | | | | 0.13 | | |
April 25, 2016 to June 30, 2016
|
| | | | 0.14 | | | | | | 0.04 | | |
Transition Period Ended December 31, 2016 | | | | ||||||||||
Quarter Ended September 30, 2016
|
| | | | 0.06 | | | | | | 0.02 | | |
Quarter Ended December 31, 2016
|
| | | | 0.22 | | | | | | 0.02 | | |
| | |
EGC Common Stock
|
| |||||||||
| | |
High
|
| |
Low
|
| ||||||
Year Ended December 31, 2017 | | | | ||||||||||
First Quarter
|
| | | $ | 35.96 | | | | | $ | 23.00 | | |
Second Quarter
|
| | | | 30.30 | | | | | | 17.92 | | |
Third Quarter
|
| | | | 21.17 | | | | | | 9.79 | | |
Fourth Quarter
|
| | | | 11.09 | | | | | | 4.74 | | |
Year Ended December 31, 2018 | | | | ||||||||||
First Quarter
|
| | | | 8.14 | | | | | | 3.41 | | |
Second Quarter
|
| | | | 9.12 | | | | | | 3.45 | | |
Third Quarter (through August 3, 2018)
|
| | | | 9.26 | | | | | | 8.82 | | |
Name and Address of Beneficial Owner
|
| |
No. of Shares
of EGC common stock |
| |
Percent
of Class |
| ||||||
Oaktree Capital Management, L.P., et al.(1)
333 S. Grand Avenue, 28th Floor, Los Angeles, CA 90071 |
| | | | 3,998,251 | | | | | | 12.0% | | |
Magnetar Financial LLC, et al.(2)
1603 Orrington Avenue, 13th Floor, Evanston, IL 60201 |
| | | | 1,819,238 | | | | | | 5.4% | | |
Chicago Capital Management, LLC, et al.(3)
311 South Wacker Drive, Suite 6025, Chicago, IL 60606 |
| | | | 1,752,615 | | | | | | 5.3% | | |
Michael S. Bahorich, Director(4)
|
| | | | 27,005 | | | | | | * | | |
Douglas E. Brooks, CEO, President & Director(5)
|
| | | | 125,332 | | | | | | * | | |
T.J. Thom Cepak, Chief Financial Officer
|
| | | | 9,000 | | | | | | * | | |
Gabriel L. Ellisor, Director(6)
|
| | | | 8,376 | | | | | | * | | |
Gary C. Hanna, Director(7)
|
| | | | 11,275 | | | | | | * | | |
Scott Heck, Chief Operating Officer(8)
|
| | | | 24,087 | | | | | | * | | |
Stanford Springel, Director(9)
|
| | | | 15,622 | | | | | | * | | |
Charles W. Wampler, Director(10)
|
| | | | 27,005 | | | | | | * | | |
Michael S. Reddin, Former Chief Executive Officer(11)
|
| | | | — | | | | | | — | | |
John D. Schiller, Jr., Former Chief Executive Officer(12)
|
| | | | — | | | | | | — | | |
Hugh A, Menown, Former Chief Financial Officer(13)
|
| | | | — | | | | | | — | | |
Bruce W. Busmire, Former Chief Financial Officer(14)
|
| | | | — | | | | | | — | | |
Antonio de Pinho, Former Chief Operating Officer(15)
|
| | | | — | | | | | | — | | |
All directors and executive officers as a group (9 persons as of August 1, 2018)
|
| | | | 247,702 | | | | | | * | | |
| | |
Page
|
| |||
ARTICLE I
|
| | |||||
| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-2 | | | |
ARTICLE II
|
| | |||||
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-3 | | | |
| | | | A-3 | | | |
| | | | A-3 | | | |
| | | | A-5 | | | |
ARTICLE III
|
| | |||||
| | | | A-6 | | | |
| | | | A-6 | | | |
| | | | A-21 | | | |
ARTICLE IV
|
| | |||||
| | | | A-23 | | | |
| | | | A-23 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
ARTICLE V
|
| | |||||
| | | | A-28 | | | |
| | | | A-28 | | | |
| | | | A-28 | | | |
| | | | A-28 | | | |
| | | | A-29 | | | |
| | | | A-31 | | | |
| | | | A-31 | | | |
| | | | A-32 | | | |
| | | | A-32 | | | |
| | | | A-32 | | | |
| | | | A-33 | | |
| | |
Page
|
| |||
| | | | A-33 | | | |
| | | | A-33 | | | |
ARTICLE VI
|
| | |||||
| | | | A-33 | | | |
| | | | A-33 | | | |
| | | | A-33 | | | |
| | | | A-34 | | | |
ARTICLE VII
|
| | |||||
TERMINATION | | | | | A-35 | | |
| | | | A-35 | | | |
| | | | A-35 | | | |
| | | | A-36 | | | |
ARTICLE VIII
|
| | |||||
| | | | A-37 | | | |
| | | | A-37 | | | |
| | | | A-45 | | | |
| | | | A-45 | | | |
| | | | A-46 | | | |
| | | | A-47 | | | |
| | | | A-47 | | | |
| | | | A-47 | | | |
| | | | A-48 | | | |
| | | | A-48 | | | |
| | | | A-48 | | | |
| | | | A-49 | | | |
| | | | A-49 | | | |
| | | | A-49 | | |
| Exhibit A | | | Surviving Corporation Certificate of Incorporation | |
| Exhibit B | | | Surviving Corporation Bylaws | |
| Appendix A-1 | | | Knowledge Persons of the Company | |
| Appendix A-2 | | | Knowledge Persons of Parent and Merger Sub | |
| | | | MLCJR LLC | | ||||||
| | | | By: | | | /s/ Brad E. Cox | | |||
| | | | | | | Name: | | | Brad E. Cox | |
| | | | | | | Title: | | | Chairman | |
| | | | By: | | | /s/ Craig L. Sanders | | |||
| | | | | | | Name: | | | Craig L. Sanders | |
| | | | | | | Title: | | | Chief Executive Officer | |
| | | | YHIMONE, INC. | | ||||||
| | | | By: | | | /s/ Brad E. Cox | | |||
| | | | | | | Name: | | | Brad E. Cox | |
| | | | | | | Title: | | | Chairman | |
| | | | By: | | | /s/ Craig L. Sanders | | |||
| | | | | | | Name: | | | Craig L. Sanders | |
| | | | | | | Title: | | | Chief Executive Officer | |
| | | | ENERGY XXI GULF COAST, INC. | | ||||||
| | | | By: | | | /s/ Douglas E. Brooks | | |||
| | | | | | | Douglas E. Brooks Chief Executive Officer and President |
|
|
|
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1201 Louisiana Street, Suite 600
Houston, TX 77002 713.292.0863 |
|