NEW ORLEANS (press release) – Chaffe & Associates, Inc., a leading middle-market investment bank focused on the Southeast Region of the U.S., is pleased to announce the closing of Viceroy Petroleum, LP, and Soldier Operating, LLC’s sale of upstream oil and gas assets in the Cote Blanche Island field (“Cote Blanche”) and the Debtors’ completion of their Chapter 11 bankruptcy restructuring.
In May 2024, Viceroy Petroleum, LP, and Soldier Operating, LLC (collectively, the “Debtors”) filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. The Debtors engaged Chaffe to advise them during the bankruptcy proceedings and facilitate a competitive sale process to maximize value for stakeholders. The Honorable John W. Kolwe presided over the bankruptcy in the Western District of Louisiana.
Closed on Feb. 7, 2025, the primary transaction involved the sale of Louisiana State Lease 340 (Cote Blanche) oil and gas assets in St. Mary Parish, Louisiana, encompassing producing and non-producing reserves, shut-in or inactive wells, and transportation and storage facilities. The assets were acquired by Tri-Star Group (“Tri-Star”), a Houston-based, privately held, family office specializing in resource exploration and production since 1978. Carver Darden Koretzky Tessier Finn Blossman & Areaux LLC represented Tri-Star in the transaction.
Matt Ferguson, CEO of Viceroy Petroleum, added: “The successful sale of our Cote Blanche Island assets represents a critical step in our restructuring process. Chaffe’s contributions to the sale process were significant. Their market understanding and collaborative approach helped facilitate a successful transaction. We are confident that Tri-Star Group is well-positioned to maximize the value of these assets for years to come.”
Michael H. Schmidt, a Managing Director of Chaffe’s Corporate Finance Group, had this to say: “We are extremely pleased to have advised Viceroy Petroleum on this strategic transaction and the overall success of its restructuring. Tri-Star’s deep industry experience and operational capabilities make them a strong steward of these assets moving forward.”
About Chaffe
Chaffe’s Corporate Finance Group provides highly specialized investment banking services to its clients, including a full suite of transactional advisory services along with valuations for a multitude of needs. Chaffe leverages both of these core competencies to create a powerful financial firm that always places its clients first. Investment banking services are provided by Chaffe Securities, Inc., member FINRA/SIPC.
