Last Tuesday, Rockdale Marcellus Holdings LLC, a natural gas driller in northeastern Pennsylvania, filed for Chapter 11 bankruptcy protection in a federal bankruptcy court in Pittsburgh, according to Pittsburgh Business Times. According to court filings, there are two related bankruptcy proceedings — Rockdale Marcellus Holdings and Rockdale Marcellus, which is owned by the holding company.
Read More...Gulfport Energy emerged from Chapter 11 bankruptcy on May 18 with a new board and an improved balance sheet, according to Natural Gas World. The company started a restructuring process in November, looking to eliminate roughly $1.25 billion in debt. “Gulfport has exited bankruptcy with a new board of directors; a strengthened balance sheet, with
Read More...The North American oil and gas industry saw fewer bankruptcies in October with only three, according to the latest monthly Oil Patch Bankruptcy Monitor report published Tuesday by Haynes and Boone LLP. However, despite seeing a slowdown, the industry hit an unwelcome milestone in October, recording its 250th bankruptcy filing since Thanksgiving 2014. Furthermore, more
Read More...Tom ShepstoneShepstone Management Company, Inc. . … The Philadelphia refinery sale proposed by the debtor makes no sense and unsecured creditors are calling out what may be some serious corruption. I wrote about the proposed bankruptcy sale of a Philadelphia refinery the other day noting things seemed awfully fishy. But, now the rot is becoming
Read More...Montana regulators this week proposed approval of a major expansion of the state’s largest coal mine after it was sold through bankruptcy auction to a company controlled by the Navajo Nation, Kallanish Energy reports. The 72-million-ton expansion of the Spring Creek Mine near Decker, Montana, will occur within the mine’s existing permit boundary, Jen Lane, with
Read More...Holding company PG&E Corp., operating under bankruptcy court protection, said the board of its Pacific Gas and Electric Co. unit (also in bankruptcy), has appointed Andrew M. Vesey CEO and president, effective Aug. 19. He will report to PG&E Corp. CEO and president Bill Johnson, Kallanish Energy reports. In his role, Vesey will have responsibility
Read More...Pacific Gas and Electric said Wednesday it’s reached agreements to resolve wildfire claims made by 18 local public entities (cities, counties, districts and public agencies) impacted by the 2015 Butte Fire, 2017 Northern California wildfires and 2018 Camp Fire. Under the agreements, $1 billion in payments will be made as part of a Chapter 11
Read More...A natural gas explosion last September in a pipeline not yet in service has led to an independent producer backed by Goldman Sachs’s private equity arm and the Ontario Teachers Pension Fund filing for Chapter 11 bankruptcy, Kallanish Energy reports. EdgeMarc Energy Holdings plans to sell all of its assets, the company said Wednesday, blaming an
Read More...Embattled PG&E Corp. and its utility Pacific Gas and Electric, on Wednesday announced the appointment of William “Bill” Johnson as president and CEO, Kallanish Energy reports. In addition, the company, currently operating under Chapter 11 bankruptcy protection, named 10 new board members, to be appointed at the company’s next board meeting. The San Francisco-based utility
Read More...Tom ShepstoneShepstone Management Company, Inc. Though repeatedly warned, Grant Township let itself be used by the radical CELDF as a tool to trigger a Marxist-type revolution, and is now going to pay. Last month I wrote about how even the anti-gas Pennsylvania Attorney General’s office had identified just how dangerous the Community Environmental Legal Defense
Read More...Oilfield services firm Parker Drilling Co. announced its common stock has been approved for listing on the New York Stock Exchange. Parker expects its common stock will begin trading tomorrow under the trading symbol “PKD,” the same trading symbol used for the company’s common when it was listed previously on the exchange. Last December, the
Read More...Bankrupt California power provider PG&E Corp. won court approval last week for a $5.5 billion loan to help maintain electricity and natural gas delivery and for investments to reduce the risk of wildfires as it reorganizes. The financing will comprise a $3.5 billion revolving credit facility, a $1.5 billion term loan and a $500 million
Read More...