COBRA ACQUISITIONS LLC ANNOUNCES RECEIPT OF $10.75 MILLION FROM PREPA
OKLAHOMA CITY, June 15, 2023 /PRNewswire/ -- Cobra Acquisitions LLC ("Cobra"), a wholly owned subsidiary of Mammoth Energy Services, Inc., ("Mammoth" or the "Company") (NASDAQ: TUSK) today announced the receipt of $10.75 million from the Puerto Rico Electric Power Authority ("PREPA") for a portion of the work completed in the aftermath of Hurricane Maria.
Arty Straehla, Chief Executive Officer, commented, "We're pleased to have received this payment from PREPA, which represents a portion of what is still owed to us. The work completed by Cobra in 2019 has gone without payment for far too long. We will continue to pursue payment of the additional amounts owed by PREPA, including the associated interest that has accrued and is continuing to accrue. Cobra's work has been affirmed by FEMA and numerous independent reviewers, and we believe that we are entitled to payment in full for the work that we completed."
As of June 15, 2023, Mammoth, through Cobra, is still owed approximately $387.0 million including $170.8 million in interest charges, as specified in the contract, on remaining invoices for work Cobra completed over four years ago.