American Eagle Energy Corp. filed for chapter 11 protection, the latest energy company forced to restructure because of depressed oil and gas prices, Reuters reported yesterday. Listing about $215 million in debts, American Eagle Energy filed its petition in U.S. Bankruptcy Court in Denver on Friday, about two months after missing an interest payment on $175 million of notes. The Littleton, Colo.-based company, which drills mainly in the so-called "Spyglass Area" in North Dakota, had raised the debt just last August, shortly before a sharp drop in oil prices would threaten profit margins. It joins a list of recently bankrupt energy companies including Quicksilver Resources and Dune Energy. Read more.
For more insight on oil and gas bankruptcies, be sure to pick up a copy of ABI’s When Gushers Go Dry: The Essentials of Oil & Gas Bankruptcy.
