Recovery Report: Milagro Oil & Gas Inc.?s Recovery Rating Profile
Standard & Poors, May 2011
Abstract
We are updating our recovery analysis on U.S. exploration and production company Milagro Oil & Gas Inc. (Milagro) to reflect the new issue and recovery ratings on the company's $250 million senior-secured second-lien notes due 2016. We expect proceeds from the notes to refinance Milagro's existing $152 million second-lien notes and repay a portion of the borrowings on its ABL facility. Our simulated default scenario assumes a sustained period of low commodity prices and incorporates stressed price assumptions of $45 per barrel of West Texas Intermediate crude oil and $4.00 per million BTU of Henry Hub natural gas to value the company's year-end 2010 reserves. Milagro is a U.S. based independent oil and natural gas exploration and production (E&P) company...
Companies mentioned in this report are: Milagro Oil & Gas Inc.
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Research Type: Full Analysis
Milagro Oil & Gas Inc.
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