RockPile Energy repays credit agreement with asset sale proceeds

By Tali Rackner

Norfolk, Va., Sept. 12 – RockPile Energy Services, LLC used the proceeds from its $58 million sale of substantially all of its assets and certain liabilities to RockPile Newco, LLC to satisfy the obligations under its credit agreement dated March 25, 2014, according to an 8-K filing with the Securities and Exchange Commission.

Citibank, NA is the administrative agent under the credit agreement.

As previously reported, RockPile was acquired by energy-focused private equity company White Deer Energy LP, II.

The transaction was conducted out of court, and the company said it will now have a debt-free balance sheet and enough capital to fund its growth. The management team remains intact.

Earlier in the year RockPile required waivers of defaults under its credit facility, which had $112 million drawn.

RockPile Energy, previously a wholly owned subsidiary of Triangle Petroleum Corp., is a Denver-based oil services company.

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