Houston, Oct. 16, 2012 (GLOBE NEWSWIRE) -- NGP Capital Resources Company (NASDAQ: NGPC) (the "Company")today announced that R. Kelly Plato, the Company's Senior VicePresident, is leaving the Company to pursue other businessopportunities. The Company also announced that Hans Hubbardand Chris Ryals have each been promoted to the position of ManagingDirector. Mr. Gardner commented, "Kelly has played a vital role in thegrowth and development of NGPC over the years. He wasinstrumental in helping us work our way through the challenges ofthe financial crisis and in rebuilding our investment portfolioover the last eighteen months. I am truly grateful forKelly's contributions and I wish him all the best in his futureendeavors." Mr. Gardner continued, "I have great confidence in Hans Hubbardand Chris Ryals. Hans and Chris have been key members of ourinvestment team since our inception and their extensive backgroundsin energy-based lending have significantly benefited the Companyover the years. I congratulate them on their much deservedpromotions. I believe our new reporting structure for theinvestment team will increase our efficiency and help us be moreresponsive to our portfolio companies and potential newclients." The Company also announced recent developments in itsinvestments in Black Pool Energy Partners, LLC ("Black Pool") andGMX Resources, Inc. ("GMX"). Black Pool Effective as of July 31, 2012, the Company'sSenior Secured Term Loan with Black Pool, which had a balance of$15.7 million (the "Term Loan") as of June 30, 2012, wasrestructured. Huff Energy Holdings, Inc. ("HEH"), a newlyformed private oil and gas company which merged with Black Pool,agreed to assume the Term Loan (including accrued and unpaidinterest of $0.4 million, which was rolled into the principalbalance) and became the new borrower under the related creditagreement. The Company retained its first lien on theoriginal Black Pool properties and was granted a first lien onadditional proved developed properties of certain HEHsubsidiaries. In exchange for the increased collateral, theCompany agreed to reduce the interest rate under the Term Loan to11% and to extend the maturity to April 15, 2013. Inconnection with the restructuring, the Company agreed to sell its3% overriding royalty interest ("ORRI") in oil and gas wellsoperated by Black Pool, and penny warrants to purchaseapproximately 25% membership interest in Black Pool, back to BlackPool for $0.1 million.
GMX ResourcesOn September 19, 2012, GMX consummated itsexchange offer for its outstanding 5% Senior Convertible Notes due2013 (the "2013 Notes"), pursuant to which holders tendering the2013 Notes received new Senior Secured Second-Priority Notes due2018 (the "2018 Notes") and shares of GMX common stock. TheCompany tendered its 2013 Notes in the exchange offer, andconsequently received 2018 Notes with a face value of $12,661,000and 3,646,368 shares of GMX common stock. The Company sold300,000 shares of GMX common stock in September and an additional254,000 shares in October 2012. Interest on the 2018 Notes accrues at a rate of9% per annum and is payable quarterly (commencing March 2, 2013) atGMX's option, in cash or, with respect to interest paid prior toSeptember 19, 2014, either in the form of cash, GMX common stock,or a combination thereof. The number of shares of GMX stock,if any, to be issued in lieu of cash interest is calculated byassigning a value per share equal to the product of (a) 0.75 and(b) the 10-day volume weighted average price, or VWAP, ending thebusiness day prior to the interest payment date. Mr. Gardner commented, "We are very pleased toreport the restructuring of the Black Pool Term Loan and theresults of the GMX exchange offer, which we anticipate willpositively impact the net asset value of our investmentportfolio. These transactions were made possible with thefocused efforts, patience and diligence of our investment team,working together with our portfolio companies, to deliver the mostfavorable outcomes for all parties." About NGP Capital ResourcesCompany NGP Capital Resources Company is a closed-end,non-diversified management investment company that has elected tobe regulated as a business development company under the InvestmentCompany Act of 1940. We principally invest in privatecompanies and from time to time, we may also invest in publiccompanies. We invest primarily in senior secured andmezzanine loans according to our business plan and in someinstances receive equity interests in portfolio companies inconnection with such investments. Our manager is NGPInvestment Advisor, LP, an affiliate of NGP Energy CapitalManagement ("NGP ECM"). Founded in 1988, NGP ECM is a premierinvestment franchise in the natural resources industry, whichtogether with its affiliates has managed $13 billion in cumulativecommitted capital since inception.
Forward-Looking StatementsThis press release may contain forward-lookingstatements. We may use words such as "anticipates,""believes," "intends," "plans," "expects," "projects," "estimates,""will," "should," "may" and similar expressions to identifyforward-looking statements. These forward-looking statementsare subject to various risks and uncertainties. Certainfactors could cause actual results and conditions to differmaterially from those projected, including the uncertaintiesassociated with the timing of transaction closings, changes ininterest rates, availability of transactions, the futureoperating results of our portfolio companies, regulatory factors,changes in regional, national, or international economicconditions and their impact on the industries in which weinvest, other changes in the conditions of the industries in whichwe invest and other factors enumerated in our filings with theSecurities and Exchange Commission (the "SEC"). You should not place undue reliance on suchforward-looking statements, which speak only as of the date theyare made. We undertake no obligation to update ourforward-looking statements made herein, unless required by law. Persons considering an investment in NGP CapitalResources Company should consider the investment objectives, risks,and charges and expenses of the Company carefully beforeinvesting. Such information and other information about us isavailable in our annual report on Form 10-K, in our quarterlyreports on Form 10-Q and in prospectuses we issue from time to timein connection with our offering of securities. Such materialsare filed with the SEC and copies are available on the SEC'swebsite, www.sec.gov, and in the Investor Relations section of ourwebsite at www.ngpcrc.com. Prospective investors should readsuch materials carefully before investing. INVESTMENT CONTACT: Please send investment proposals to: NGP Capital Resources Company 713-752-0062 Steve Gardner (email@example.com), Michael Brown (firstname.lastname@example.org), Hans Hubbard (email@example.com), or Chris Ryals ( firstname.lastname@example.org).
CONTACT: L. Scott Biar (email@example.com), 713-752-0062.