Rosehill Resources Inc. entered a restructuring support agreement with its lenders with plans to file for Chapter 11 bankruptcy later this month.
A pure-play Delaware Basin E&P with deep roots in West Texas, Rosehill formed in 2017 following the combination of Tema Oil and Gas Co. with a public blank-check company led by industry veteran Gary Hanna. The company expects to file for Chapter 11 bankruptcy on or before July 15, a release from Rosehill said on July 1.
Through May, 18 E&Ps had declared bankruptcy, according to the Haynes and Boone LLP. However, that number doesn’t include the recent filings of Extraction Oil and Gas Inc., Sable Permian Resources LLC, Lilis Energy Inc. and Chesapeake Energy Corp.—the largest oil company to file for bankruptcy during the current COVID-19 pandemic-related downturn.