More energy companies are exiting the Bakken Shale Play as they struggle to adapt to the prolonged low oil prices.
Related: Occidental to Leave the Bakken
Samson Resources and American Eagle Energy plan to sell off their Bakken assets in order to pay back what they owe as part of a restructuring under Chapter 11. These companies are among almost two dozen oil and gas companies who have succumbed to the stress of low crude prices by filing for bankruptcy in the past year.
Samson Resources Corporation filed in mid September after selling off 400,000 acres in the Bakken to Continental Resources for $650 million. Potential debtors have until November 20th to make a claim against the company.
“The steps we are taking will allow our company to maximize future opportunities and compete more effectively with significantly less debt on our balance sheet,” Samson CEO Randy Limbacher said in a statement. “We fully expect to operate our business as usual throughout this process and to emerge as a financially stronger company.”
American Eagle Energy listed $215 million worth of liabilities and nearly $212 million in assets in its bankruptcy petition. The company had focused on oil drilling in the Bakken Shale in North Dakota and had reduced to 19 employees by the early part of 2015.
Other companies that have filed this year include:
- Quicksilver Resources Inc.
- Sabine Oil & Gas Corp. (July 15)
- Hercules Offshore Inc. (Aug. 13).
- Cal Dive International Inc. (March 3)
- Dune Energy Inc. (March 8)
- BPZ Resources Inc. (March 9)
- ERG Intermediate Holdings LLC (April 30)
- Saratoga Resources Inc. (SARAQ) (June 16)
- Milagro Oil & Gas Inc. (July 15)
- Miller Energy Resources Inc. (Oct. 1)