Indicative Terms                                                                                                                                                                          

Exhibit 99.1

Summary of Key Exit Facility Terms:

RBL

Term Loan

Size

·$225 million

·$150 million

Priority

·1^st Out⁽¹⁾

·2^nd Out⁽¹⁾

Interest Rate

·L + 300-400

·L + 775 bps (1% Floor)

Unused Line Fee

·50 bps

·N/A

Upfront Fee

·50 bps

·50 bps

Tenor

·4-year

·4-year

Other

·First redetermination: Spring of 2018

·Amort Schedule:  1% / 1% / 3% / 5%

Financial Covenants

Current Ratio

·≥1.0x

·Current Assets include undrawn amount on RBL; Current Liabilities exclude all RBL and TL obligations

Total Leverage

·Gross Leverage ≤ 3.5x

Asset Coverage

·Asset Coverage ≥ 1.35x (cash netting of up to $37.5 million permitted)

Minimum Liquidity

·$100 million at closing

·$25 million thereafter, tested quarterly

Other

¹ 

RBL cannot be refinanced without refinancing Term Loan

Indicative Terms                                                                                                                                                                          

Exhibit 99.1

Summary of Key Exit Facility Terms:

RBL

Term Loan

New Money

·$50 million rights offering backstopped by Noteholders or such other equity investment that is acceptable to the Prepetition Lenders and Noteholders

Hedge Program

·Year 1: >80%; Year 2: >60%; Year 3: >40% of PDP, with maximum limits TBD.

Security

·First priority perfected liens on at least 95% of the PV-9 of proved oil and gas reserves (including title on 90% of the PV-9)

·Pledge of substantially all personal property of the Company (including cash pursuant to DACAs)

·PV-9 to be determined using Administrative Agent’s price deck

·Payment priority waterfall in respect of all amounts for RBL (1^st out) and Term Loan (2^nd out) as set forth above

·Obligations under hedges entered into with RBL Lenders (including those entered into pursuant to the approved hedging program discussed below) will be secured on a pari passu basis with the RBL on and after the effective date of the plan

Other terms

·Subject to definitive documentation.

Summary of Other Key Restructuring Terms:

Cash Collateral Order/Hedging

·Agreed form of cash collateral order  to bridge to plan effective date

·Existing RBL to be paid interest at the Alternate Base Rate (currently 3.5%) plus the Applicable Margin (currently 1.5%) during the chapter 11 cases

·Prepetition Lenders will agree, pursuant to the Plan Support Agreement (defined below) and as part of the plan, to waive any claim for default interest or against amounts of default interest  reserved therefor (all of which shall be released to the Company on the plan effective date)

·Shall authorize payment of fees and expenses of the advisors to the ad hoc group of Noteholders by the Company on a current basis, including any accrued amounts

·Prepetition Lenders and Noteholders to support Bankruptcy Court approval and implementation of hedge program acceptable to the Company, Prepetition Lenders (including those acting in their capacity as required hedging counterparties), and Noteholders, to be implemented on a first lien/superpriority basis until the effective date of the plan immediately following approval by the Bankruptcy Court of an acceptable plan support agreement (the “Plan Support Agreement”)

Indicative Terms                                                                                                                                                                          

Exhibit 99.1

Summary of Other Key Restructuring Terms:

Plan Terms

·Prepetition Lenders will support confirmation of a plan of reorganization, the terms of which are supported by Noteholders (including, without limitation, with respect to treatment of claims, MIP, and compensation to other creditors and stakeholders), so long as such plan incorporates the Summary of Key Exit Facility Terms and the exchange of all claims of the Noteholders for common equity interests in the reorganized Company, provided that other plan terms and definitive documentation are acceptable to the Prepetition Lenders, and all pursuant to the Plan Support Agreement that is acceptable to the Noteholders and Prepetition Lenders

·Post-effective date management team to be proposed by the Noteholders and reasonably acceptable to the Prepetition Lenders

Exclusivity

·Prepetition Lenders and Noteholders to work cooperatively with the Company to facilitate the prompt negotiation and filing of a Plan Support Agreement and plan reflective of the Indicative Terms by no later than October 13, 2016

·In the event the Company fails to timely negotiate or file such Plan Support Agreement and plan, Prepetition Lenders and Noteholders agree to work cooperatively to negotiate next steps acceptable to the Prepetition Lenders and Noteholders, including whether (but with no obligation and all rights reserved) to oppose an extension of, or to terminate, the Company’s exclusive period to file and solicit acceptance of a Plan under the Bankruptcy Code, and provided that a Plan Support Agreement acceptable to the Noteholders and Prepetition Lenders has been approved by the Bankruptcy Court