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NorthAmOil NEWS IN BRIEF NorthAmOil

to support this critical infrastructure project.” Smith commented: “Today’s Chapter 11 at an average rate of 8.3% per year through
Glenfarne has two operating subsidiaries: filings represent a significant milestone in our 2024 (source: Technavio).
Alder Midstream, which focuses on building, financial restructuring process to significantly BLACK RIDGE OIL & GAS, June 10, 2020
owning and operating midstream assets in the strengthen our financial condition by
investment-grade Americas, and EnfraGen, a reducing debt, enhancing liquidity and best OOC Oil & Gas Blockchain
developer, owner and operator of specialised positioning our company to weather the storm
power generation assets. and proactively respond when the market Consortium advances
The acquisition of Magnolia LNG begins to recover. After thoroughly evaluating
increases Glenfarne’s LNG export capacity our options and strategic alternatives with maturity through new
to approximately 12 mtpa, 4 mtpa of which our advisors and board of directors, we are
comes from Texas LNG Brownsville, LLC, confident that this is the best path forward affiliates
a late-stage LNG export development for Vista and our stakeholders. During the
project in Brownsville, Texas for which reorganization proceeding, we will continue The OOC Oil & Gas Blockchain Consortium,
Alder Midstream is the majority owner and with limited day-to-day operations until was formed in 2019 with ten core Oil & Gas
managing member. an industry rebound, and we will maintain Operators, who have partnered to study
GLENFARNE GROUP, June 09, 2020 ample liquidity and resources to support and define blockchain use cases across the
our business. We appreciate the continued, industry value chain to solve common pain
strong support demonstrated by our lenders, points, increase efficiencies and automate
SERVICES which should enable us to move quickly how we interact in business internally as well
and smoothly through the restructuring as externally with suppliers and vendors.
Vista Proppants and process and emerge as a stronger long-term The consortium continues to mature its
competitor.”
blockchain journey by establishing new
Logistics files to reorganise VISTA PROPPANTS AND LOGISTICS, June 10, affiliate relationships.
These affiliate organisations will help
2020
under Chapter 11 catapult and fortify the consortium’s
understanding of the technology and its
Vista Proppants and Logistics, and its MOVES application, and ultimately ensure delivery
subsidiaries, announced today that they of robust guidelines, frameworks, and
have commenced cases for a voluntary Black Ridge Oil & Gas production-ready solutions to bring near- and
reorganisation under Chapter 11 of the long-term value to the industry.
US Bankruptcy Code in the United States to become Sustain:Us, The consortium, focused on creating value
Bankruptcy Court for the Northern District for its members, has added Deloitte Risk &
of Texas, Fort Worth Division. The company will enter freeze dried Financial Advisory as a strategic advisor.
intends to use the reorganization cases to Deloitte will advise on efforts to accelerate the
restructure debt from its balance sheet, food business for human consortium’s two mature projects, Integrated
substantially deleveraging Vista’s capital Joint Venture Management and Commodity
structure and positioning the company consumption Haulage, to help enable minimum viable
for long-term success given the current products for initial adoption by member
significantly depressed industry environment. Black Ridge Oil & Gas announced that it has companies. Additionally, Deloitte will help the
The company currently estimates that it will entered into an asset purchase agreement with consortium to define and create a sustainable
emerge from the Chapter 11 reorganisation S-FDF, owned by entrepreneurs Ira Goldfarb business network and provide strategic
within approximately 120 days, and fully and Claudia Goldfarb, to acquire the assets planning for deploying solutions at scale. “The
expects to operate as normal when the oil and related to S-FDF’s freeze drier technology OOC Oil & Gas Blockchain Consortium has
gas industry rebounds. and freeze dried fruits and vegetables for successfully undertaken the hardest hurdle
The company also announced it has human consumption. The closing of the asset of not only forming, but creating immediate
secured an $11mn debtor-in-possession credit purchase is expected to occur on October 1, proofs of technology, concepts and value
facility from the company’s senior lenders 2020 with the company renamed Sustain:Us. through their projects,” said Mike Prokop, risk
to finance the costs and limited business Sustain:Us will produce and sell freeze & financial advisory managing director and
operations during the restructuring process, dried fruits and vegetables to national and blockchain & digital assets leader, Deloitte
including meeting obligations to employees, local retail partners and directly to consumers, & Touche LLP. “We plan to help further
vendors and other constituencies. The with first sales expected in December. enrich their business value propositions and
company’s senior lenders are fully-supportive Sustain:Us’ proprietary freeze-drying accelerate their journey to implementation
of the bankruptcy filings and expect to equipment and process will be installed and through our engagement.”
sponsor a plan of reorganization with Vista to utilized at its 20,000 sq. ft. leased production THE OOC OIL & GAS BLOCKCHAIN
facilitate a prompt exit from Chapter 11. facility in Irving, Texas. Freeze dried foods is a CONSORTIUM, June 09, 2020
Chief financial officer Kristin Whitley $54bn global industry that is expected to grow

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