Member Article

Dozens of North American oil and gas producers have commenced Chapter 11 bankruptcy cases this year, including most recently, Escalara Resources Co., RAAM Global Energy Company, Miller Energy Resources, Inc., and Parallel Energy LP. The E&P cases filed so far in 2015, including Chapter 7, Chapter 11, and Canadian cases, involve approximately $13 billion in cumulative secured and unsecured debt, and industry and economic indicators suggest more producer bankruptcy filings will occur before the year is out. Lawyers in the Haynes and Boone, LLP Bankruptcy and Energy practices have released the Oil Patch Bankruptcy Monitor, which details a rising tide of 2015 exploration and production company bankruptcies.

With the slump in commodity prices persisting into this fall, the lawyers of Haynes and Boone’s Energy and Bankruptcy practice groups are closely following recent industry developments. The firm has played a key role in a number of high-profile E&P and oilfield service matters, including asset sales, refinancings, debt restructurings and Chapter 11 cases, representing debtors, creditors, energy lenders, and private equity investors.

Read our Oil Patch Bankruptcy Monitor for more details about these cases.