Implode-o-Meter News - If It Owns a Well or a Mine, It's Probably in Trouble

There have already been about 40 Chapter 11 bankruptcy filings by North American oil and gas producers this year, accounting for roughly $15 billion in secured and unsecured debt. And energy experts predict more bankruptcies in 2016 if oil prices remain below $40 a barrel, or even below $50 a barrel.
When one company topples, it reverberates broadly.

On Monday, Energy & Exploration Partners, a Fort Worth oil and gas driller, filed for Chapter 11 protection. In the bankruptcy, it listed debt of more than $1 billion owed to several service companies, including units of Schlumberger and Baker Hughes.
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Some energy experts are even beginning to express concerns that sovereign wealth funds of Saudi Arabia and other wealthy Persian Gulf and oil-producing countries will redeem their money from investment firms in the coming year to shore up their balance sheets. If they do, the moves could initiate more instability in global equity and debt markets.

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If It Owns a Well or a Mine, It's Probably in Trouble