CURRENT - BANKRUPTCY/DISTRESSED
Central Appalachia Mining (CAM) Holdings LLC
Wexford's platform for consolidation and growth in the coal industry
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Wexford purchased all of AEP?s mining operations in Ohio, including
one active mine portal, a coal preparation plant and a rail loading
facility. Also part of the transaction are mining assets in
southeastern Kentucky, including two surface mines and six underground
mine locations, two permitted reserves, a coal preparation plant and
rail loadout facilities. AEP will retain responsibility for completing
approximately $35 million in reclamation work at sites in Kentucky.
The liabilities for this reclamation work have been fully reserved.
According to the terms of the transaction, which closed today 4-16-04,
AEP will receive $8.8 million cash and Wexford will assume an
additional $10.8 million in future reclamation liability. Proceeds
from the transaction will be used to reduce debt.
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Gulfport Energy Corporation
Oil and natural gas E&P focused on the Louisiana gulf basin (OTCBB:GPOR)
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ReitlerBrown represented Wexford Capital LLC, as lead investor, in
connection with a $10 million private placement of units comprised of
preferred stock and warrants by Gulfport Energy Corporation, a
publicly-traded energy exploration company.
http://biz.yahoo.com/e/060503/gpor8-k.html
Wexford currently holds 14,061,833 shares or 42.7% Ownership.
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Bronco Drilling Company
Contract oil and gas drilling company that has drilling rigs ranging
from $350 horsepower to 2000 horsepower (COMPQ-BRNC)
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Strata Acquisitions
In July 2005, we acquired all the membership interests in Strata
Drilling, L.L.C. and Strata Property, L.L.C. and a related rig yard.
Included in these acquisitions were two operating rigs, one rig that
is currently being refurbished, related structures, equipment and
components and a 16 acre yard in Oklahoma City, Oklahoma used for
equipment storage and refurbishment of stacked rigs. The aggregate
purchase price was $20.0 million, of which $13.0 million was paid in
cash and $7.0 million was paid in the form of promissory notes issued
to the sellers. We funded the cash portion of the purchase price with
a $13.0 million loan from Alpha Investors LLC, an entity controlled by
Wexford Capital LLC.
Our Equity Sponsor
We were formed by affiliates of Wexford Capital LLC (?Wexford?) in
June 2001. Wexford is a Greenwich, Connecticut based SEC registered
investment advisor with approximately $2.5 billion under management as
of March 31, 2005. Wexford has made private equity investments in many
different sectors with particular expertise in the energy and natural
resources sector. Prior to this offering, Wexford beneficially owned
all of our outstanding common stock. Upon completion of the offering,
Wexford will continue to beneficially own approximately 73% of our
common stock (approximately 70% if the overallotment option is
exercised in full) through Bronco Drilling Holdings, L.L.C.
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