Under the terms of the agreement, Benefit Street will make an initial $50 million investment for drilling activities in both conventional and unconventional fields and will make subsequent investments in tranches of up to $50 million over a two-year window.

The first investment is expected to be funded in about two weeks.

California Resources chief executive Todd Stevens called the deal an “excellent opportunity” to accelerate the company’s underdeveloped resource base and long-term deleveraging efforts.

With