Today South Texas Oil Company (NASDAQ: STXX), an oil and gas company, filed for relief under Chapter 11 in the United States Bankruptcy court for the Western District of Texas. The company will file a motion with the Bankruptcy Court to allow them to seek interim financing for $1.5 million.
Yesterday Rancher Energy Corp (OTC: RNCH), a company engaged in the development, production and marketing of oil and gas, filed for relief under Chapter 11 in the United States Bankruptcy Court for the District of Colorado.
On October 27th, CanArgo Energy Corporation (OTC: CANR), an oil and gas exploration company, filed for relief under Chapter 11 with the United States Bankruptcy Court for the Southern District of New York. The company has filed a motion with the Court that it approve an additional $1.2 million in loans for operational funding. The company’s Chapter 11 filing has caused roughly $18.1 million in debt to become due for the company.
Garrett W. McIntyre
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