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Houston, Oct. 16, 2012 (GLOBE NEWSWIRE) -- NGP Capital Resources Company (NASDAQ: NGPC) (the "Company") today announced that R. Kelly Plato, the Company's Senior Vice President, is leaving the Company to pursue other business opportunities. The Company also announced that Hans Hubbard and Chris Ryals have each been promoted to the position of Managing Director.
Mr. Gardner commented, "Kelly has played a vital role in the growth and development of NGPC over the years. He was instrumental in helping us work our way through the challenges of the financial crisis and in rebuilding our investment portfolio over the last eighteen months. I am truly grateful for Kelly's contributions and I wish him all the best in his future endeavors."
Mr. Gardner continued, "I have great confidence in Hans Hubbard and Chris Ryals. Hans and Chris have been key members of our investment team since our inception and their extensive backgrounds in energy-based lending have significantly benefited the Company over the years. I congratulate them on their much deserved promotions. I believe our new reporting structure for the investment team will increase our efficiency and help us be more responsive to our portfolio companies and potential new clients."
The Company also announced recent developments in its investments in Black Pool Energy Partners, LLC ("Black Pool") and GMX Resources, Inc. ("GMX").
Effective as of July 31, 2012, the Company's Senior Secured Term Loan with Black Pool, which had a balance of $15.7 million (the "Term Loan") as of June 30, 2012, was restructured. Huff Energy Holdings, Inc. ("HEH"), a newly formed private oil and gas company which merged with Black Pool, agreed to assume the Term Loan (including accrued and unpaid interest of $0.4 million, which was rolled into the principal balance) and became the new borrower under the related credit agreement. The Company retained its first lien on the original Black Pool properties and was granted a first lien on additional proved developed properties of certain HEH subsidiaries. In exchange for the increased collateral, the Company agreed to reduce the interest rate under the Term Loan to 11% and to extend the maturity to April 15, 2013. In connection with the restructuring, the Company agreed to sell its 3% overriding royalty interest ("ORRI") in oil and gas wells operated by Black Pool, and penny warrants to purchase approximately 25% membership interest in Black Pool, back to Black Pool for $0.1 million.