Bankruptcy

A federal court has approved Magnum Hunter Resources Corp.’s reorganization plan, a critical step that brings it closer to emerging from Chapter 11 bankruptcy.

A federal court has approved Magnum Hunter Resources Corp.’s reorganization plan, a critical step that brings it closer to emerging from Chapter 11 bankruptcy.

Forty-two North American exploration and production (E&P) companies filed for bankruptcy protection last year, and another 17 have filed since the beginning of 2016, according to a report by law firm Haynes and Boone LLP.

The bankruptcy case of Quicksilver Resources Inc. took several turns on Wednesday. The company closed on the court-approved sale of some of its assets in the Barnett Shale to BlueStone Natural Resources II for $245 million, and Crestwood Equity Partners LP said it struck a 10-year gathering and processing agreement with BlueStone.

Denver-based Warren Resources Inc. is fast approaching a deadline to restructure its debt obligations with lenders and investors outside of court before it’s forced to seek bankruptcy protection, the company warned again on Wednesday.

SandRidge Energy Inc. is evaluating options to take the company private or voluntarily reorganize under Chapter 11, the Oklahoma City-based independent said Wednesday.

Denver-based Venoco Inc. joined more than 40 energy firms Friday in filing for voluntary Chapter 11 bankruptcy protection since oil prices began tumbling in 2014.

Warren Resources Inc. has defaulted on a $7.5 million interest payment for its 9% senior unsecured notes that was due on Feb. 1, bringing it one step closer to bankruptcy proceedings.

One day after a federal bankruptcy court judge ruled that Sabine Oil and Gas Corp. could terminate some of its gathering contracts as part of its recovery in Chapter 11, industry experts said they don’t believe the ruling sets a precedent in the midstream sector, but are advising midstream companies to fortify their contracts with producers.