CorEnergy Successfully Completes Financial Restructuring

CorEnergy Infrastructure Trust, Inc. (“CorEnergy” or the “Company”) today announced the successful completion of its reorganization process and emergence from Chapter 11 protection effective June 12, 2024 (the “Effective Date”).

CorEnergy emerges with significantly less debt and a simplified capital structure which is better aligned to current market conditions and its go-forward objectives. The Company expects that the successful restructuring, combined with the resolution of its San Pablo Bay rate case, will enable it to return to positive cash flow beginning in 2025, while also providing increased flexibility to pursue opportunities tied to energy transition.

“We are pleased to have achieved the goals we set at the beginning of this process,” said Robert Waldron, Chief Executive Officer of CorEnergy. “We are also encouraged by the progress in our cases for rate relief before the California Public Utilities Commission. We look forward to building on the momentum in our business as we continue to provide safe, efficient and reliable transportation for the oil and gas industry in California, return our crude oil business to profitability, and capitalize on energy transition opportunities.”

Shares of CorEnergy’s prior common and preferred equity (the “Shares”) have been cancelled as of the Effective Date, with no action required by shareholders. There will be no post-Effective Date trading of the Shares. There will be no exchange of the Shares, and the Shares do not need to be surrendered. The Company plans to pursue an over-the-counter listing for the new shares in the reorganized CorEnergy in the future. In addition, as of the Effective Date, CorEnergy’s board of directors is comprised of five new members appointed by its new equity holders.

More information on the Company and the restructuring can be found in the investor presentation posted on the Company's website at https://corenergy.reit/.

About CorEnergy Infrastructure Trust, Inc.

CorEnergy Infrastructure Trust, Inc. is a real estate investment trust that owns and operates regulated crude oil pipelines and associated rights-of-way. For more information, please visit https://corenergy.reit/.

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