Cubic Energy Inc., CBNR 0.00 % the latest Texas oil company brought down by falling oil prices, filed for bankruptcy protection after reaching a deal with its lenders to hand over control of the company. Dallas-based Cubic, which drills for oil and natural gas in Texas and Louisiana, said in a chapter 11 filing Friday in U.S. Bankruptcy Court in Wilmington, Del., that it has agreed to cede control of the company to Wells Fargo WFC -0.21 % Energy Capital Inc. and its secured bondholders, which include funds managed by Anchorage Capital Group LLC. Like many of its peers in the oil and gas sector, Cubic has been hit by the significant decline in prices. On Monday, U.S. benchmark West Texas Intermediate fell below $35 a barrel. Stubbornly low prices have forced more than three dozen North American oil and gas companies into bankruptcy this year, according to law […]