Batista’s oil company viable after creditor approval, CEO says

|By:, SA News Editor

Oleo e Gas Participacoes (OGXPY) will emerge as a viable producer once creditors approve a recovery plan at a meeting scheduled for next week, CEO Paulo Narcelio says.

Eike Batista's struggling company will eliminate most of its debt and recover financing capacity as it generates ~$500M in sales this year, enough to sustain operations, according to Narcelio.

OGpar expects to produce an 16K bbl/day for 12 months after connecting two extra wells to its Tubarao Martelo deposit by July.