DENVER BUSINESS JOURNAL - A Denver-based energy company said it's emerged from Chapter 11 bankruptcy and will now concentrate on its North Dakota operations, and will also change its name.
Emerald Oil Inc. filed for bankruptcy protection in March, citing the "dramatic decline in oil prices, the continued low prices of oil and natural gas, and the general uncertainty in the energy markets."
The company used a "stalking horse" sale and Section 363 sale process to emerge from bankruptcy, and said its new name is now National Oil Production Company.
"Constructively working with its creditors and stakeholders, the company reduced its long-term debt by approximately $278 million," the company said in a statement.
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