Another Oil and Gas Company, Triangle Petroleum (TPLM), Files For Bankruptcy Protection

Nearly 80 energy-related companies have filed for bankruptcy since 2015 due to the plummeting prices of crude oil.  Soreide Law Group continues to hear from a growing list of investors whose brokers recommended a high-concentration of risky oil and gas stocks for their conservative portfolios causing devastating losses to their, in many cases, retirement portfolios. Another energy company has filed for Chapter 11, leaving investors at the end of a very long creditor’s line.
Triangle Petroleum (TPLM) unit Triangle USA Petroleum filed for Chapter 11 bankruptcy protection in order to facilitate a restructuring of its balance sheet.
TPLM 52-week range: 0.13 - 5.20
Triangle Petroleum Corporation is listed as an independent energy company, engages in the exploration, development, and production of oil and natural gas properties in the United States. It operates in two segments, Exploration and Production, and Oilfield Services. As of January 31, 2016, the company had leasehold interests in approximately 103,540 net acres in the Bakken Shale and Three Forks formations in the Williston Basin of North Dakota and Montana. It also offers oilfield services, including hydraulic pressure pumping, wireline, perforating, pump rental, workover, and other complementary services, as well as midstream services. The company was formerly known as Peloton Resources Inc. and changed its name to Triangle Petroleum Corporation in May 2005. Triangle Petroleum Corporation was incorporated in 2003 and is headquartered in Denver, Colorado.
Triangle Petroleum Corporation (TPLM) provided an update on its evaluation of strategic alternatives and announced other corporate matters in conjunction with the filing by its wholly-owned subsidiaries, Triangle USA Petroleum Corporation ("TUSA") and Ranger Fabrication, LLC, and their respective subsidiaries, of voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware to implement the terms of a Plan Support Agreement that will facilitate the restructuring of TUSA's balance sheet.
If you’ve experienced losses due to your broker’s over-concentration of TPLM or any other energy-related stock, call Soreide Law Group for a free consultation with a lawyer regarding the possibility of recovering your losses at:  888-760-6552.
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency basis.