New Source Energy Partners and its general partner New Source Energy GP LLC filed for bankruptcy liquidation this week amid the ongoing oil industry slowdown and a year-long lawsuit with an investor. The Oklahoman reported today. Oklahoma City-based New Source said that it has $5.1 million in cash and property and owes fewer than 50 creditors about $51.2 million, and reported gross revenues of $2.1 million so far in 2016, compared with $19.3 million in 2015 and $61.5 million in 2014. The filing caps more than a year of turmoil at New Source, including personnel changes, an ongoing lawsuit with an investor and shrinking credit lines because of tumbling oil prices.
