PetroQuest Skips Interest Payment, Could Consider Bankruptcy

Bloomberg posted an interesting article about a week ago. Here’s an excerpt: “PetroQuest Energy Inc. fell almost 9 percent in late trading after skipping an interest payment and saying it could face bankruptcy, joining energy companies whose flow of cash has been cut to a trickle by the industry’s prolonged slump. The oil and gas producer may… Continue reading PetroQuest Skips Interest Payment, Could Consider Bankruptcy

Key Energy Services Prepares for Bankruptcy

Houston-based Key Energy Services announced yesterday (Aug. 25th) that they have been in the process of working out a plan with creditors and plan to file for bankruptcy in November. The company had borrowed hundreds of millions during the shale oil boom but when oil prices tanked, they were unable to keep up with their… Continue reading Key Energy Services Prepares for Bankruptcy

Global Geophysical Services Files for Bankruptcy Protection

Global Geophysical Services, LLC is a seismic-data provider for the oil industry (seismic data estimates “the properties of the Earth‘s subsurface from reflected seismic waves“) and is based in Missouri City, Texas. The company filed for Chapter 11 protection yesterday (Wednesday, August 3rd) and will go out of business. CEO Sean Gore blamed the low oil… Continue reading Global Geophysical Services Files for Bankruptcy Protection

C&J Energy Services Files for Bankruptcy

We posted about a week ago that C&J Energy Services was planning on filing for bankruptcy protection. Yesterday (July 20th) they officially “filed for chapter 11 protection in the U.S. Bankruptcy Court in Houston with a debt-restructuring deal with senior lenders.” In exchange for the forgiven debt, the lenders will get 100% ownership of the company… Continue reading C&J Energy Services Files for Bankruptcy

Oil Patch Schools Facing Budget Nightmare

Here is an interesting article from The Texas Tribune. “In December 2014, the week Pam Seipp became interim superintendent of Runge schools, the tiny South Texas district held a symbolic groundbreaking for schools and sports facilities to be paid for by a $22 million bond that local voters overwhelmingly approved just as oil prices began to slip. “Seipp’s… Continue reading Oil Patch Schools Facing Budget Nightmare

C&J Energy Services to Seek Bankruptcy Protection

C&J Energy services has announced that they plan on filing for Chapter 11 bankruptcy by the end of the week. The decision is a result of their struggle “to recover from the industry’s extended downturn and the sudden death earlier this year of the company’s founder and chief executive.” As the Houston Chronicle puts it,… Continue reading C&J Energy Services to Seek Bankruptcy Protection

Warren Resources Lawyers Lay Out Plans to Exit Bankruptcy Proceedings

“Lawyers who put oil and gas producer Warren Resources Inc. into bankruptcy proceedings laid out plans at a Friday court hearing for the company to get a fresh financial start. The Houston-based company said its executives have negotiated a $20 million bankruptcy loan so it can continue pulling natural gas from underground deposits in Pennsylvania… Continue reading Warren Resources Lawyers Lay Out Plans to Exit Bankruptcy Proceedings