Press Release

Chaparral Energy

Court Confirms Chaparral Energy’s Reorganization Plan, Company Eliminates $1.2 Billion of Outstanding Debt; Expects to Emerge from Chapter 11 by the End of March

Oklahoma City, March 13, 2017 — Chaparral Energy, Inc.’s plan of reorganization was confirmed by the U.S. Bankruptcy Court of Delaware Thursday, March 9. The plan received overwhelming support from the company’s bondholders and lenders. As a result, Chaparral expects to emerge from Chapter 11 by the end of this month.

Under the confirmed plan, Chaparral’s unsecured bondholders and general unsecured creditors will own 100 percent of the company’s ownership interest, subject to some dilution. The company’s capital structure, upon emergence, will include its cash on hand and a reserve based lending facility with an initial borrowing base of $225 million, as well as an additional $150 million term loan. Both the revolver and term loan will mature in four years. In addition, the plan includes $50 million of new money equity from a rights offering. The company expects to have liquidity in excess of $100 million upon emergence.

“We are tremendously pleased to announce the confirmation of our plan by the court today,” said Chief Executive Officer K. Earl Reynolds. “Thanks to the hard work of everyone involved with this process, Chaparral will emerge from Chapter 11 within the next few weeks as one of the most financially stable oil and gas companies of its size in the industry. This security, coupled with our outstanding STACK assets, will be the driving force behind Chaparral’s success for decades to come.”

The company, upon emergence, will also be governed by a new seven-member, independent board of directors. The company’s new board will include, in addition to Reynolds, Douglas Brooks, Matt Cabell, Robert Heinemann, Sam Langford, Ken Moore and Gysle Shellum.

“We are very excited to welcome an extremely talented and seasoned board of directors to Chaparral,” said Reynolds. “These gentlemen have decades of oil and gas experience and have held numerous executive and board positions throughout their well-respected careers. Their

combined wealth of industry and leadership experience will be invaluable to Chaparral as we embark on the next successful chapter in our company’s history.”

About Chaparral

Chaparral is an independent oil and natural gas exploration and production company headquartered in Oklahoma City. Founded in 1988, Chaparral is a leading Mid-Continent operator with focused operations in Oklahoma’s fast-growing STACK Play. The company is also the third-largest oil producer in Oklahoma with more than 425,000 net surface acres and potential production reserves of more than 1 billion barrels of oil equivalent. For more information, please visit

Court filings and additional restructuring information are available on the company’s website at Chaparral has set up a toll-free hotline to answer employee, vendor and royalty owner questions. The hotline is available Monday through Friday, 8:30 a.m. to 5:30 p.m. Pacific Time at 888-830-4659 (internationally at 310-751-2644).