New Delaware Chapter 11 Filing – Adams Resources Exploration Company
Adams Resources Exploration Company, an oil and gas exploration and production company based in Houston, Texas, has filed a voluntary petition for relief under Chapter 11 under Chapter 11 in the United States Bankruptcy Court for the District of Delaware (Case No. 17-0866-KG). The Debtor is a subsidiary of Adams Resources & Energy (NYSE MKT: AE), whose primary operations are as a midstream oil and gas transporter. According to a press release issued by Adams R&E, the Debtor plans to sell its non-operated working interest in approximately 470 wells located in the Permian Basin, Haynesville Shale and across the Gulf Coast. The Debtor’s petition estimates it assets between $1–$10 million and its liabilities between $50–$100 million. The case has been assigned to the Honorable Kevin Gross.
Contact Norman L. Pernick and Nicholas J. Brannick for more information.
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