Milagro files for Chapter 11 bankruptcy protection

Milagro Oil & Gas has filed for Chapter 11 bankruptcy protection, according to multiple news outlets. The company has approximately 1,200 wells in South Texas, along the Gulf Coast, and in Louisiana.

Court documents show that the Houston-based company had $1–10 million in assets and $500 million–$1 billion in liabilities. Milagro’s business became unprofitable as a result of the falling crude prices.

News sources have noted that Milagro plans to sell its oil and gas assets to Houston-based White Oak Resources VI LLC for $120 million in cash and $97 million in equity in White Oak.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...