Oil Patch Bankruptcy Monitor

June 30, 2021

Haynes and Boone, LLP has monitored North American oil and gas producer Chapter 11 bankruptcies since 2015.This latest report features new cases filed from January 1, 2021 through June 30, 2021. Over the past six years,there have been 266 oil and gas producer bankruptcies. In the same period, 306 oilfield services and midstreamcompanies have filed for bankruptcy, bringing the combined North American industry total to 572. The report thatfollows includes data points for aggregate debt and several summary data slides.

KEY TAKEAWAYS FOR Q1‐Q2 2021:

• Twelve producers filed in Q1‐Q2 2021, which is the lowest Q1‐Q2 total since 2015 when 13 producers filed.• The aggregate debt for producers that filed in Q1‐Q2 2021 is just over $1.8 billion, which is the lowest Q1‐Q2total, after $3.6 billion in Q1‐Q2 2015.

• There were no producers with billion‐dollar bankruptcies in Q2 2021, which has not happened since Q3 2018.• Texas accounted for 58 percent of the total producer filings in Q1‐Q2 2021, with seven in total.

Our lawyers have played a key role assisting clients in high‐profile E&P, midstream and oilfield services matters,including asset sales, refinancings, debt restructurings and Chapter 11 cases, representing debtors, creditors,energy lenders and private equity investors. Haynes Boone publishes companion reports that can be found on ourEnergy Roundup web page, which include these:

• Borrowing Base Redeterminations Survey• Energy Bank Price Deck Survey• Midstream Report• Oil and Gas ESG Tracker• Oilfield Services Bankruptcy Tracker

OIL PATCH BANKRUPTCY MONITOR

2

2015‐2021 CUMULATIVE NORTH AMERICAN E&P BANKRUPTCY FILINGS

Cumulative bankruptciesNew bankruptcies since the previous quarter

717

1417

3410

9 7 7 2 8 612 4 6 5

1315 9

518

17 68 4

0

50

100

150

200

250

300

2015Q1

2015Q2

2015Q3

2015Q4

2016Q1

2016Q2

2016Q3

2016Q4

2017Q1

2017Q2

2017Q3

2017Q4

2018Q1

2018Q2

2018Q3

2018Q4

2019Q1

2019Q2

2019Q3

2019Q4

2020Q1

2020Q2

2020Q3

2020Q4

2021Q1

2021Q2

NU

MB

ER O

F FI

LIN

GS

HAYNES BOONE OIL PATCH BANKRUPTCY MONITOR©

(As of June 30, 2021)

3

2015‐2021 NORTH AMERICAN E&P BANKRUPTCY FILINGS BY QUARTER

0

5

10

15

20

25

30

35

40

2015Q1

2015Q2

2015Q3

2015Q4

2016Q1

2016Q2

2016Q3

2016Q4

2017Q1

2017Q2

2017Q3

2017Q4

2018Q1

2018Q2

2018Q3

2018Q4

2019Q1

2019Q2

2019Q3

2019Q4

2020Q1

2020Q2

2020Q3

2020Q4

2021Q1

2021Q2

NU

MB

ER O

F FI

LIN

GS

HAYNES BOONE OIL PATCH BANKRUPTCY MONITOR©

(As of June 30, 2021)

4

2015‐2021 CUMULATIVE E&P UNSECURED DEBT, SECURED DEBT AND AGGREGATE DEBT

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

2015Q1

2015Q2

2015Q3

2015Q4

2016Q1

2016Q2

2016Q3

2016Q4

2017Q1

2017Q2

2017Q3

2017Q4

2018Q1

2018Q2

2018Q3

2018Q4

2019Q1

2019Q2

2019Q3

2019Q4

2020Q1

2020Q2

2020Q3

2020Q4

2021Q1

2021Q2

BIL

LIO

NS

HAYNES BOONE OIL PATCH BANKRUPTCY MONITOR©

(As of June 30, 2021)

5

2015‐2021 E&P UNSECURED DEBT, SECURED DEBT AND AGGREGATE DEBT BY QUARTER

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

2015Q1

2015Q2

2015Q3

2015Q4

2016Q1

2016Q2

2016Q3

2016Q4

2017Q1

2017Q2

2017Q3

2017Q4

2018Q1

2018Q2

2018Q3

2018Q4

2019Q1

2019Q2

2019Q3

2019Q4

2020Q1

2020Q2

2020Q3

2020Q4

2021Q1

2021Q2

Bill

ions

HAYNES BOONE OIL PATCH BANKRUPTCY MONITOR©

(As of June 30, 2021)

6

2015‐2021 E&P BANKRUPTCY FILINGS BY LOCATION

TEXAS

132

DELAWARE40

COLORADO

12

LOUISIANA

MASSACHUSETTS

1

OKLAHOMA

10

ALABAMA

VIRGINIA

NEW YORK

ARIZONA

1

UTAH2

MINNESOTA

MONTANA1

KENTUCKYCALIFORNIA 7

CANADA*

18

WEST VIRGINIA

NEW MEXICO

1

311

10

1

111

PENNSYLVANIA

2NEVADA

1

MICHIGAN

2

NEW JERSEY1

WYOMING

4

MISSISSIPPI

1

HAYNES BOONE OIL PATCH BANKRUPTCY MONITOR©

*Canada is not tracked post‐2016.((As of June 30, 2021) 7

1

ALASKA

2015‐2021 E&P SECURED AND UNSECURED DEBT BY FILING LOCATION

(As of June 30, 2021)

ALABAMA$212,726

ALASKA$217,158,133

ARIZONA$3,699,213

CALIFORNIA$137,635,084

CANADA*$1,710,380,228

COLORADO$513,110,275

KENTUCKY$15,381,247

LOUISIANA$628,628,399

MASSACHUSETTS$3,578,276

MICHIGAN$51,129,723

MINNESOTA$1,233,733

NEW YORK$20,308,779,582

DELAWARE$31,299,125,481

TEXAS$117,327,007,820

MISSISSIPPI$13,489,109

MONTANA$83,726,167

NEVADA$1,042,675

NEW JERSEY$1,024,566

NEW MEXICO$1,286,649

OKLAHOMA$608,908,858

PENNSYLVANIA$2,009,791,901

UTAH$274,640,449

VIRGINIA$1,250,928,395

WEST VIRGINIA$40,865,611

WYOMING$123,542,133

HAYNES BOONE OIL PATCH BANKRUPTCY MONITOR©

8

LIST OF NORTH AMERICAN OIL AND GAS PRODUCER BANKRUPTCIES 2021 BANKRUPTCIES, January – June 

*Debt information estimated from declarations or other filings; schedules not yet available.~Lead case – estimate includes affiliate(s); debt may be duplicative to a certain extent.

(As of June 30, 2021)

FILING DATE COURT CASE NUMBER DEBTOR SECURED UNSECURED TOTAL02/26/2021 S.D. Tex. 21‐30710 CASTEX ENERGY 2005 HOLDCO, LLC ~  $ 199,585,956  $ 6,163,525  $ 205,749,481 03/05/2021 W.D. Tex. 21‐70028 JVA OPERATING COMPANY, INC. ~ $ 661,856  $ 2,562,712  $ 3,224,568 03/09/2021 S.D. Tex. 21‐30882 SUNDANCE ENERGY INC. ~ * $ 399,947,000  $ 30,210,000  $ 430,157,000 03/14/2021 D. Del. 21‐10565 HIGHPOINT RESOURCES CORPORATION ~ * $ 140,000,000  $ 765,000,000  $ 905,000,000 03/15/2021 D. Del. 21‐10570 NINE POINT ENERGY HOLDINGS, INC. ~  $ 204,546,994 $ 14,198,311 $ 218,745,30503/24/2021 D. Wyo. 21‐20101 RAWHIDE RESOURCES, LLC  $ ‐ $ ‐ $ ‐03/24/2021 D. Wyo. 21‐20102 JUSTICE OIL & GAS, LLC $ ‐ $ ‐ $ ‐03/26/2021 E.D. Tex. 21‐60115 MIKEN OIL, INC  $ 3,431,026  $ 1,848,117  $ 5,279,143 04/05/2021 W.D. Ok. 21‐10840 DORCHESTER RESOURCES, L.P. $ 22,008,428  $ 7,807,031  $ 29,815,459 04/23/2021 S.D. Tex. 21‐60036 ANGLO‐DUTCH ENERGY, LLC  $ 209,000  $ 6,819,045  $ 7,028,045 04/28/2021 N.D. Tex. 21‐41010 THUNDERBIRD OIL & GAS, LLC ~ $ 168  $ 590,721  $ 590,889 04/30/2021 N.D. Tex. 21‐41079 LAKEWOOD ENERGY SOLUTIONS, LLC  $ 750,000  $ ‐ $ 750,000 TOTAL 2015 $ 9,428,934,657 $ 7,948,644,822 $ 17,377,579,479 TOTAL 2016 $ 20,381,058,466  $ 36,458,841,062  $ 56,839,899,528 TOTAL 2017 $ 4,028,066,757  $ 4,515,455,884  $ 8,543,522,641 TOTAL 2018 $ 8,467,115,402  $ 4,688,644,031  $ 13,155,759,433 TOTAL 2019 $ 11,654,278,568  $ 14,113,409,087  $ 25,767,687,655 TOTAL 2020 $ 24,489,394,300 $ 28,646,123,507 $ 53,135,517,8072021 YTD $ 971,140,428 $ 835,199,462 $ 1,806,339,890TOTAL 2015‐2021 $ 79,419,988,578 $ 97,206,317,855 $ 176,626,306,433

HAYNES BOONE OIL PATCH BANKRUPTCY MONITOR©

9

PRIMARY CONTACTSRESTRUCTURING

CHARLES BECKHAM, JR.Partner, Houston713.547.2243charles.beckham@haynesboone.com

IAN PECKPartner, Dallas214.651.5155ian.peck@haynesboone.com

ELI COLUMBUS Partner, Dallas214.651.5045eli.columbus@haynesboone.com

MATT FERRIS Partner, Dallas214.651.5955matt.ferris@haynesboone.com

PATRICK HUGHESPartner, Denver / Houston713.547.2550patrick.hughes@haynesboone.com

KENRIC KATTNERPartner, Houston713.547.2518kenric.kattner@haynesboone.com

FRASHER MURPHYPartner, Dallas214.651.5246frasher.murphy@haynesboone.com

STEPHEN PEZANOSKYPartner, Fort Worth817.347.6601stephen.pezanosky@haynesboone.com

KELLI NORFLEETPartner, Houston713.547.2630kelli.norfleet@haynesboone.com

DAVID STAABAssociate, Fort Worth817.347.6645david.staab@haynesboone.com

JAROM YATESAssociate, Dallas214.651.5139jarom.yates@haynesboone.com

MARTHA WYRICKAssociate, Houston713.547.2047martha.wyrick@haynesboone.com

ARSALAN MUHAMMADCounsel, Houston713.547.2257arsalan.muhammad@haynesboone.com

KOURTNEY LYDACounsel, Houston713.547.2590kourtney.lyda@haynesboone.com

DAVID TRAUSCHAssociate, Houston713.547.2248david.trausch@haynesboone.com

Haynes Boone has more than 600 lawyers, including nearly 20 restructuring practitioners and 100 energy lawyers and landmen serving clients across the globe.

10

PRIMARY CONTACTSENERGY TRANSACTIONS

Haynes Boone has more than 600 lawyers, including nearly 20 restructuring practitioners and 100 energy lawyers and landmen serving clients across the globe.

MICHAEL FREEMANPartner, Dallas214.651.5362michael.freeman@haynesboone.com

JAMES MARKUSPartner, Dallas214.651.5366james.markus@haynesboone.com

TIM JOHNSTONPartner, Dallas214.651.5135tim.johnston@haynesboone.com

ELLEN CONLEYAssociate, Houston713.547.2204ellen.conley@haynesboone.com

BUDDY CLARKPartner, Houston713.547.2077buddy.clark@haynesboone.com

JEFF NICHOLSPartner, Houston713.547.2052jeff.nichols@haynesboone.com

KRAIG GRAHMANNPartner, Houston713.547.2048kraig.grahmann@haynesboone.com

M. SCOTT HELBINGPartner, Dallas214.651.5532scott.helbing@haynesboone.com

GIL PORTERPartner, New York212.659.4965gilbert.porter@haynesboone.com

JOHN FOGNANIPartner, Denver303.382.6207john.fognani@haynesboone.com

MICHAEL COOPERCounsel, Dallas214.651.5465michael.cooper@haynesboone.com

AUSTIN ELAMPartner, Houston713.547.2122austin.elam@haynesboone.com

BRAD RICHARDSPartner, Houston713.547.2028brad.richards@haynesboone.com

VIKKI MARSHAssociate, Houston713.547.2994vikki.marsh@haynesboone.com

KIM MAIAssociate, Houston713.547.2029kim.mai@haynesboone.com

ALEXANDER WILLIAMSAssociate, Houston713.547.2068alexander.williams@haynesboone.com

CHRIS REAGENAssociate, Denver303.382.6212chris.reagen@haynesboone.com

REEM ABDELRAZIKAssociate, Houston713.547.2998reem.abdelrazik@haynesboone.com

11

AUSTIN600 Congress AvenueSuite 1300Austin, TX 78701United States of AmericaT +1 512.867.8400F +1 512.867.8470

CHARLOTTE620 S. Tryon StreetSuite 375Charlotte, NC 28202 United States of AmericaT +1 980.771.8200F +1 980.771.8201

CHICAGO180 N. LaSalle StreetSuite 2215Chicago, IL 60601United States of AmericaT +1 312.216.1620F +1 312.216.1621

DALLAS2323 Victory AvenueSuite 700Dallas, TX 75219United States of AmericaT +1 214.651.5000F +1 214.651.5940

DALLAS ‐ NORTH6000 Headquarters Dr.Suite 200Plano, TX 75024United States of AmericaT +1 972.739.6900F +1 972.680.7551

DENVER1050 17th StreetSuite 1800 Denver, CO 80265United States of AmericaT +1 303.382.6200F +1 303.382.6210

FORT WORTH301 Commerce StreetSuite 2600 Fort Worth, TX 76102 United States of AmericaT +1 817.347.6600F +1 817.347.6650

HOUSTON1221 McKinney StreetSuite 4000Houston, TX 77010United States of AmericaT +1 713.547.2000F +1 713.547.2600

LONDON1 New Fetter Lane London, EC4A 1AN United KingdomT +44 (020) 8734 2800F +44 (020) 8734 2820

MEXICO CITYTorre Esmeralda I, Blvd.Manuel Ávila Camacho #40Despacho 1601Col. Lomas de Chapultepec, DF 11000 Mexico City, MexicoT +52.55.5249.1800F +52.55.5249.1801

NEW YORK30 Rockefeller Plaza26th FloorNew York, NY 10112United States of AmericaT +1 212.659.7300F +1 212.918.8989

ORANGE COUNTY600 Anton BoulevardSuite 700Costa Mesa, CA 92626United States of AmericaT +1 949.202.3000F +1 949.202.3001

PALO ALTO525 University AvenueSuite 400Palo Alto, CA 94301United States of AmericaT +1 650.687.8800F +1 650.687.8801

SAN ANTONIO112 East Pecan StreetSuite 1200San Antonio, TX 78205United States of AmericaT +1 210.978.7000F +1 210.978.7450

SAN FRANCISCO201 Spear StreetSuite 1750San Francisco, CA 94105United States of AmericaT +1 415.293.8900        F

+1 415.293.8901

SHANGHAIShanghai International Finance Center, Tower 2 Unit 3620, Level 368 Century Avenue, Pudong Shanghai 200120, P.R. ChinaT +86.21.6062.6179F +86.21.6062.6347

THE WOODLANDS10001 Woodloch Forest Dr.Suite 200The Woodlands, TX 77380United States of AmericaT +1 713.547.2100F +1 713.547.2101

WASHINGTON, D.C.800 17th Street NWSuite 500Washington, D.C. 20006United States of AmericaT +1 202.654.4500F +1 202.654.4501

OFFICE LOCATIONS