Service & Supply | Oilfield Services | Bankruptcy / Restructure Update | Financial Trouble | Capital Markets
Patriot Well Solutions Files for Bankruptcy
Print
|
Patriot Well Solutions LLC has filed for Chapter 11 bankruptcy.
Patriot has obtained debtor-in-possession financing from one of the Company’s current secured lenders that is an affiliate of our majority equity holder.
Their $9.4 million funding commitment will provide sufficient liquidity to fund the Company’s operations while it executes a sale process of some or all its assets.
This lender will also serve as the stalking horse bidder for the sale.
The company is headquartered in Denver, Colorado.
Dragan Cicvaric, Patriot’s President and Chief Executive Officer, stated, “After a thorough evaluation of our near-term financial outlook and operational performance, Patriot’s board, management team and advisors have determined that additional financing is needed to continue its operations while pursuing an accelerated sale process to optimizing value for our lenders, employees, customers, and suppliers. Chapter 11 gives us the time, protections, and access to additional near-term financing to complete a sale process and determine the appropriate path forward.”
Squire Patton Boggs (US) LLP is serving as Patriot’s legal advisor; Sonoran Capital Advisors has been retained as Chief Restructuring Officer and financial advisor; and Simmons Energy is serving as the Company’s investment banker.
More Bankruptcy - Filing News
ION Geophysical Files for Bankruptcy
ION Geophysical Corp. has filed for bankruptcy. ION and certain affiliates announced that, after evaluating a variety of strategic alternatives, it has filed for voluntary Chapter 11 relief…
Basic Energy Services Files for Bankruptcy; Inks Stalking Horse Deals
Basic Energy Services has filed for bankruptcy. Concurrently, the company has entered into several deals to sell off its assets. The transactions are being undertaken as the “stalking…
HighPoint Files Chapter 11 Ahead of Merger with Bonanza Creek
HighPoint Resources Corp. has filed for bankruptcy following a special meeting of shareholders. The company is also in the midst of a pending merger deal with Bonanza Creek…
SCOOP / STACK Operator Files for Bankruptcy
Gulfport Energy Corp. has filed for bankruptcy (earlier this year (August 2020), the company warned it was potentially facing bankruptcy). The company expects to eliminate approximately $1.25 billion…
Superior Energy Services Files for Bankruptcy
Superior Energy Services has entered into a restructuring support agreement with a group of its senior noteholders that collectively hold or control approximately 69.2% of the Company’s senior…
United States News
A Quiet Capital Pattern Is Forming in North American Upstream — and Almost No One Is Talking About It
A handful of recent transactions and capital raises point to a subtle pattern in North American upstream—one that is easy to miss because each event, on its own,…
EIA’s “Glut” Calls: The 2025 Surplus Claim — and How 2021–2024 Forecasts Actually Held Up
The “~2.2 MMb/d glut in 2025” framing traces to the EIA’s Short-Term Energy Outlook (STEO), December 2025. EIA doesn’t usually write “glut” in the tables—what they publish is…
New E&P Scores Capital; Heading To the MidCon Region
Company Overview 406 Energy, LLC is a newly formed, Houston-based upstream oil & gas development company launched in October 2025 with an initial equity commitment from NGP Natural…
2025 Forecast : Dangerous Time Ahead
This is the time of year when we share a clear view into how we’re thinking about what to expect for drilling and completion activity in 2025. To…
Petrus Resources Ltd. First Quarter 2023 Results
Petrus Resources Ltd. announced first quarter 2023 results. Highlights Higher production – Production was up 54% from 7,379 boe/d(1) in the first quarter of 2022 to 11,385 boe/d…