Mammoth Energy subsidiary awarded settlement payment in Puerto Rico

Mammoth Energy’s wholly owned subsidiary Cobra Acquisitions announced that the previously disclosed Settlement Agreement with the Puerto Rico Electric Power Authority – PREPA – was approved by the Title III Court at the omnibus hearing held on September 18. Under the Settlement Agreement, Cobra will receive total settlement proceeds of $188.4M. Additionally, PREPA is required to pay Cobra $150M within ten business days of the September 18th hearing. The remaining $38.4M, of which $18.4M relates to funds PREPA has received from FEMA but are currently withholding, are to be paid out according to the terms of the Settlement Agreement.