NEW ORLEANS (press release) – Chaffe, a middle-market investment bank focused on the Southeast Region of the U.S., has announced the closing of Trimont Energy affiliate Whitney Oil & Gas, LLC’s sale of upstream oil and gas assets in the prolific East Bay Field (“East Bay”) and Trimont’s completion of its Chapter 11 bankruptcy restructuring. Chaffe previously advised on the sale of Trimont’s Garden Island Bay (“GIB”) upstream oil & gas assets. The Honorable Meredith S. Grabill is presiding over this bankruptcy case in the Eastern District of Louisiana.
In October 2023, Trimont Energy Limited, Inc., Whitney Oil & Gas, LLC, Trimont Energy (GIB), LLC, and Trimont Energy (NOW), LLC (collectively, the “Debtors” or “Trimont”) filed for bankruptcy protection under Chapter 11 and Subchapter V of the U.S. Bankruptcy Code. The Debtors engaged Chaffe & Associates to advise them during the pendency of the Bankruptcy and to run a sales process for substantially all of the Debtors’ assets.
Closed on June 11, 2024, the transaction involved the sale of Trimont Energy (GIB), LLC’s assets to Spectrum AR, LLC (“Spectrum”), a newly formed Louisiana-based energy company focused on domestic conventional production. The sale included Louisiana State Lease 214 oil and gas assets, encompassing producing and non-producing reserves, shut-in or inactive wells, and transportation and storage facilities. Lugenbuhl, Wheaton, Peck, Rankin & Hubbard represented Spectrum in the transaction.
Closed on November 27, 2024, Whitney Oil & Gas, LLC sold its East Bay assets to Torrent Gulf Coast EB, LLC, with involvement from Devon Energy, the predecessor in title. East Bay included oil & gas properties and wells across multiple Louisiana State leases. Located just east of the mouth of the Mississippi River, East Bay was first drilled by Shell in 1951. Okin, Adams, Bartlett, Curry LLP represented Torrent in the transaction.
“We are extremely pleased to have advised Trimont on these significant transactions, and more importantly the positive outcome of the overall bankruptcy case,” said Michael H. Schmidt, a managing director of Chaffe’s Corporate Finance Group. “The successful sales of the Garden Island Bay and East Bay fields are fantastic outcomes for the creditors of Trimont, field employees, and the State of Louisiana. These deals not only underscore asset values but also highlight the Gulf Coast’s potential for future energy production. We wish Spectrum and Torrent success and commend their commitment to investing in South Louisiana.”
“The successful sales of Trimont’s Garden Island Bay field and East Bay assets clearly aligned buyer interest with seller objectives, maximizing proceeds to the Trimont estate,” said Christopher Ryals, chief restructuring officer, Chaffe. “Running these processes back-to-back through a complex set of challenges required unwavering commitment and strategic focus. Chaffe delivered exceptional investment banking advisory services, combining expertise and dedication to successfully sell two distinctly different, legacy oil and gas assets: Garden Island Bay and East Bay. Chaffe demonstrated a deep understanding of the buy-side market, fostering competitive tension and guiding informed decision-making, which ensured both transactions achieved the best possible outcomes.”
Trimont was represented by Heller, Draper, & Horn as Debtors’ counsel.
