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Weak Energy Prices Spark a Flurry of Resource Bankruptcy Filings

Submitted by jhartgen@abi.org on

Hammered by weak oil and gas prices, two more Houston energy companies filed for bankruptcy on Wednesday while another coal producer sought chapter 11 protection after falling victim to coal's bleak market, Reuters reported on Friday. Milagro Oil & Gas Inc. filed with a plan to swap assets for $120 million in cash and equity from Houston-based White Oak Resources VI, which acquires and operates oil and gas properties in the Gulf Coast region of Texas and Louisiana.

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