Private oil and gas company Remora Petroleum LP filed for bankruptcy protection on Aug. 12, adding to an ongoing surge of energy bankruptcies during the latest downturn.
More than 50 oil and gas firms have filed for bankruptcy since oil prices crashed in March, led by E&P companies with 29 filings, according to a recent Reuters report citing law firm Haynes and Boone LLP.
Remora is a private E&P company focusing on the acquisition and development of mature, long-lived producing properties. It owns operated and nonoperated working interests across the Anadarko, Gulf Coast, Permian, Denver-Julesburg and Los Angeles basins, according to the company’s website.
The Austin, Texas-based company filed its petition for Chapter 11 protection on Aug. 12 in the Southern District of Texas, Houston Division. It lists approximately $85 million in debt.
Remora also filed a plan of reorganization that has the support of the company’s first and second lien lenders. The hearing on confirmation of the plan of reorganization is set on Oct. 21.
A team from Hunton Andrews Kurth LLP led by Tad Davidson is advising Remora in the Chapter 11 process.
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