Oil and gas producer Extraction Oil & Gas Inc. completed its financial restructuring and emerged from Chapter 11 bankruptcy, according to a Jan. 20 news release.

The company's new capital structure includes a $1 billion reserve-based lending facility with an initial borrowing base of $500 million and approximately $265 million drawn at emergence, maturing in July 2024. Extraction Oil & Gas has a cash balance of approximately $11 million at emergence.

Extraction Oil & Gas also said it raised $200 million from a rights offering subscribed by its unsecured noteholders, existing equity holders and general unsecured creditors. The proceeds will be used to repay a debtor-in-possession facility.

Pro forma for the repaid DIP facility and drawings under the new reserve-based lending facility, the restructuring resulted in a net reduction of approximately $1.3 billion in funded debt and preferred equity, the company said in the release.

In connection with its emergence from Chapter 11, Extraction Oil & Gas' existing equity interest will be converted into shares in the newly capitalized company, effective Jan. 20. Shares of its new common stock have started trading on Nasdaq under the XOG ticker symbol. Extraction Oil & Gas said that approximately 25 million shares are outstanding, with approximately 700,000 incremental shares reserved for potential future distribution to certain general unsecured claimants with pending claim values.

The company appointed Tom Tyree as CEO, Matt Owens as president and COO and Marianella Foschi as CFO. Pursuant to its plan of reorganization, the company also appointed a new seven-member board of directors comprising Tyree along with Chairman Benjamin Dell, Morris Clark, Carrie Fox, Carney Hawks, Michael Wichterich and Howard Willard.

Extraction Oil & Gas filed for Chapter 11 bankruptcy in June 2020, and the U.S. Bankruptcy Court for the District of Delaware confirmed the company's restructuring plans near the end of the year.