Mammoth receives $18.4M from PREPA settlement; enters letter of credit agreement

MAMMOTH ENERGY SERVICES, INC.

Cobra received $18.4M from PREPA, bringing total settlement proceeds received to $168.4M of $188.4M.
Remaining $20M is payable within seven days after PREPA's plan of adjustment effective date.
Mammoth amended its credit agreement and entered a reimbursement agreement with Fifth Third Bank for an $18.4M letter of credit to PREPA.
$19.3M placed in restricted cash as 105% collateral for the letter of credit.
CEO Arty Straehla says company has significant cash, no debt, and will pursue accretive opportunities.

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