Private Equity | Financial Trouble | Capital Markets
Another STACK Focused E&P Files Chapter 11 Bankruptcy
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Chisholm Oil & Gas, a STACK-focused E&P owned by private equity firms Apollo Global Management, filed for bankruptcy in the U.S. late on Wednesday, according to court documents.
The Tulsa, Oklahoma-based company sought Chapter 11 protection from creditors in U.S. Bankruptcy Court in Delaware.
Apollo acquired Chisholm in 2017 and merged it with Ares-backed rival Gastar Exploration LLC last year. The combined company has net production of around 20,000 barrels of oil equivalent per day, according to a statement.
Ares took control of Gastar after the company filed for Chapter 11 proceedings in the U.S. in 2018.
Chisholm has estimated liabilities between $517 million in debt.
As you might remember, bankrupt Gastar was folded into Chisholm.
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