Eagle Ford Shale operator Atlas Resource Partners LP said Monday it expects to file Chapter 11 and has entered into a restructuring agreement with its lenders.
The Pennsylvania-based Atlas has 22 wells in Atascosa County, as well as operations that include acreage in Oklahoma, North Texas’ Barnett Shale gas field and the Marcellus Shale gas field in Pennsylvania.
The company said it expects to operate its oil and gas properties during restructuring and will continue to pay suppliers, employees and royalty owners. But it will emerge with a new name: Titan Energy LLC. Unit holders will be wiped out by the bankruptcy and will not be entitled to shares of the new company.