Contenders in the battle for oil market share include Russian oil companies, Brazil’s state-run Petrobras and oil fields in China and Southeast Asia, which have all pumped thousands of barrels into a global crude glut.
The company, which had focused on oil drilling in the Bakken Shale in North Dakota, had 19 employees in the first quarter, according to regulatory filings. Court papers said the firm had $211.9 million in assets and $215.2 million in debt.
Shares in U.S. shale-oil drillers including Pioneer Natural Resources Co. and EOG Resources fell after influential money manager David Einhorn criticized the large sums of cash they burn through to frack wells.
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