Category Archives: Oil and Gas Bankruptcy

Bennu Oil and Gas LLC files for Chapter 7 bankruptcy – HBJ

Houston-based Bennu Oil and Gas LLC has filed for Chapter 7 bankruptcy in the Southern District of Texas in Houston.Bennu is an oil and gas offshore production company, according to archives of its now-defunct website. The company is bringing $32.5 million in assets and $724.1 million in debts into bankruptcy, according to court filings.

Source: Bennu Oil and Gas LLC files for Chapter 7 bankruptcy – Houston Business Journal

Sabine sixth U.S. producer to seek bankruptcy protection this year – Fuel Fix

Sabine Oil & Gas Corp. is seeking Chapter 11 bankruptcy protection, making it the sixth and the largest U.S. oil producer yet to file for bankruptcy because of cheap oil prices.

Court papers filed in New York on Wednesday show the Houston company had $2.48 billion in assets and total liabilities of $2.91 billion at the end of May, the second largest U.S. bankruptcy this year, according to data compiled by Bloomberg. It’s a mid-sized oil and gas company, and had $550 million more in debt than the second-biggest producer to file for bankruptcy this year, Fort Worth-based Quicksilver Resources.

Sabine drills for oil and gas in the Haynesville Shale in east Texas and Louisiana, and the Eagle Ford Shale and the Granite Wash in Texas. It had 165 employees and about thousands of drilling sites across the state.

In a statement, Sabine’s finance chief blamed its high debt and low oil and natural gas prices and volatility across energy markets for the company’s situation, saying it could have otherwise fixed its balance sheet by selling assets – if not for cheap oil and gas devaluing its properties.

via Sabine sixth U.S. producer to seek bankruptcy protection this year – Fuel Fix.