Stockholders of Transierra Exploration Corp., the beleaguered...

Stockholders of Transierra Exploration Corp., the beleaguered Irvine-based oil and gas driller, have formally approved the company’s bail-out from its two lenders. Under the plan, originally announced in September, the lenders agreed to cancel the company’s debts, totaling $22.5 million, in exchange for a 49% share of the company.

Allstate Insurance Co. of Chicago, which had been owed $6.5 million, accepted 2.6 million shares in Transierra, about 19% of the company. First Interstate Bank of California received a 30% stake in the company for forgiving a debts of $16 million. The bank also is to receive revenues, estimated at $2 million annually, from several Transierra oil and gas leases.

Transierra also announced that it has made a private sale of 1.2 million shares of its stock for approximately $1 million.

The company said the proceeds will give it much-needed operating cash.