Oil and gas company Linc Energy’s 11 US subsidiaries have filed for Chapter 11 bankruptcy protection in Houston. The companies listed total assets of $50 million to $100 million and liabilities of $100 million to $500 million.
The Brisbane, Australia-based company has US oil and gas operations in Alaska, Texas, Louisiana and Wyoming.
The company was also planning an underground coal gasification project in Wyoming. It involved pumping chemicals into Powder River Basin coal seams to produce a chemical reaction that would generate synthetic natural gas from coal that can be extracted from wells. Energy company research firm SNL reports the process is widely used on a global scale, but hasn’t seen widespread use in the US.
Linc plans to plans to sell its Gulf Coast, Alaska and Wyoming holdings, according to The Australian. The company also launched insolvency proceedings in Australia on April 15.
Linc joins dozens of other oil and gas companies that have filed for bankruptcy since the start of 2015, hit by low crude oil prices. The largest to date has been Houston-based Linn Energy, with about $10 billion in debt.
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