Alta Mesa Resources, a Houston-based independent which bet big on Oklahoma’s Stack, joins a growing number of U.S. shale producers that have filed for bankruptcy so far this year.
Bankruptcy filings by U.S. energy producers so far this year have already nearly matched the total for the whole of 2018, law firm Haynes & Boone reported on Aug. 14.
The independent E&P focused on the Eagle Ford joins a growing list of companies filing bankruptcy.
Now named Grizzly Energy, the company emerges from bankruptcy with a narrowed focus on the Rockies, Permian and Midcontinent regions plus the elimination of more than $500 million debt.
Oilfield service giant Weatherford International officially entered bankruptcy July 1 with a planned restructuring to clear up more than $5.8 billion of its long-term debt.
Despite converting to a C-corp, Legacy Reserves has faced debt hurdles, which led the Midland, Texas-based oil and gas company to explore strategic alternatives.
Investor pressure for financial discipline could be leaving some E&P companies with nowhere to go but back into bankruptcy.
Company has $255 Million in committed financing and expects to continue operations.
Vanguard Natural Resources filed for Chapter 11 protection on April 1, marking the second time the Houston-based E&P has entered bankruptcy since the 2014 oil crash.