anchez Energy Corporation (SNECQ) and certain of its subsidiaries have received interim approvals from the U.S. Bankruptcy Court for the Southern District of Texas related to the voluntary Chapter 11 petitions filed on Aug. 11, 2019.
According to the Houston Chronical, Sanchez Energy Corporation (SNECQ), a Houston oil company that was once one of the most active drillers in the Eagle Ford Shale of South Texas, listed $2.1 billion in assets and $2.8 billion in debt according to the court records. Sanchez Energy Corporation‘s top creditor was listed as Delaware Trust Company, which holds nearly $1.8 billion in senior notes.
Sanchez Energy Corporation (SNECQ) is an independent exploration and production company focused on the acquisition and development of US onshore unconventional oil and natural gas resources, with a current focus on the Eagle Ford Shale in South Texas, according to Yahoo Finance. Following the filing date, Sanchez Energy anticipates conducting operations in the normal course of business.
Since 2015, there have been approximately 192 bankruptcy filings of North American oil and gas producers. After the initial crash in 2015 and 2016, the number of filings decreased substantially in 2017 and 2018. However, there has been an increase in the number of filings in 2019, with 20 filings since May of 2019. This all involves approximately $106 billion of debt.
|Sanchez Energy Corporation (SNECQ) 52 Week Range||is 0.0202 – 2.7400|
Today it is trading at 0.0550.
From the beginning of 2019, oil rebounded to approximately $50, however oil and gas prices remain depressed without any indication that prices will go higher. Due to the unsustainable amount of debt, it is difficult to predict the number of companies that will continue filing for bankruptcy, but it is evident that some of the financially troubled oil and gas companies who were compromised by the crash in 2015, may not be able to recover in this climate.
Soreide Law Group has handled over 100 cases for our clients related to losses in the oil and gas industry. Let our years of experience work for you.
If your broker recommended Sanchez Energy Corporation (SNECQ), or any of the nearly 200 oil and gas companies now in bankruptcy, and you’ve suffered devastating losses, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your financial losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.