⁍ Lonestar Resources US Inc LONE.O filed for Chapter 11 bankruptcy protection on Thursday.
⁍ It joins a clutch of shale companies that have succumbed to weak crude prices.
⁍ Industry experts expect more companies to file for bankruptcy before the year is over.
– Lonestar Resources became the latest US oil and gas company to file for bankruptcy on Thursday, Reuters reports. The company filed for Chapter 11 protection in the US Bankruptcy Court for the Southern District of New York. According to the Wall Street Journal, Lonestar had $546.3 million in debt and 14,000 barrels of oil equivalent per day of production as of June 30. The company’s shares fell 13% to 20 cents on the news.
Source: https://www.reuters.com/article/lonestar-bankruptcy/update-3-shale-bankruptcies-pile-on-lonestar-latest-to-succumb-to-weak-demand-idUSL4N2GS1B6