Warren Resources Files for Chapter 11 Bankruptcy
WILMINGTON, Del., June 2 (Reuters) - Warren Resources Inc , an exploration and production company with operations in California and Pennsylvania, filed for bankruptcy protection on Thursday, according to a court filing.
The filing comes as a severe downturn in oil prices has forced scores of energy producers to file bankruptcy since the start of 2015. Up to a third of all producers may be at risk of bankruptcy if commodity prices remain weak, according to a study by consulting firm Deloitte.
Warren Resources skipped a $7.5 million interest payment due Feb. 1 on its senior notes and the company defaulted 30 days later.
The company listed assets of $230 million and debts of $545 million, as of Jan. 31, according to court documents.
Warren Resources has said that as part of its plan to manage cash, it cut back capital expenditures and was exploring sales of assets.
Warren Resources said in February that it received notification from Nasdaq that the market value of its publicly held shares was below the requirement for the market.
Its shares closed at about 9.5 cents on Thursday, down 27 percent. The shares had hit a 52-week high of 79 cents exactly one year ago.
(Reporting by Tom Hals in Wilmington, Delaware; Additional reporting by Jessica DiNapoli in New York; Editing by Leslie Adler)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Gunvor CEO Sees Russian Refining Capacity Taking Hit from Drone Strikes
- These Factors Helped Brent Oil Price Break Above $85
- Sinopec Engineering Posts Higher Annual Petrochemicals Revenue
- Imperial Pipeline in Winnipeg Goes Offline for Three Months
- Gaz System to Acquire Gas Storage Poland
- Subsea7 Secures Contract to Service Woodside's Trion
- Adnoc Inks Supply Deal for Ruwais LNG Project with Germany's SEFE
- EIA Boosts USA Crude Oil Production Forecasts
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension