Austin-based WBH Energy Partners told a Texas federal bankruptcy court this week that its partner in North Texas oil and gas leases had warned it may foreclose on the private firm’s stake in the leases this month after it failed to pay its $12 million share of operational expenses.
The move makes American Eagle Energy, worth $17 million on the stock market Wednesday, the first U.S. oil producer to completely stall its drilling plans in the face of the 50-percent slide in crude prices since this summer.
Southwestern Energy Co. said Tuesday it is planning to snap up Statoil’s 20-percent stake in oil and gas assets in West Virginia and southwest Pennsylvania for $394 million, just a day after closing its biggest-ever deal with Chesapeake Energy in the region.
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