Low oil prices, lower credit availability, and piling debt loads forced a few dozen oil and gas firms in North America to file for bankruptcy protection in the third quarter. As many as 44 oil and gas producers, oilfield services companies, and midstream companies sought protection from creditors in bankruptcy courts between July and September, the latest data from law firm Haynes and Boone showed. Those 44 bankruptcies in Q3 could even be a low number compared to the wave of filings expected after the fall borrowing base redetermination in which banks are forecast to further slash the capital available to firms for borrowing against their reserves. The shale patch is feeling the pain not only from the crisis but also from the growing negative sentiment among banks about lending money to heavily indebted drillers. The low oil prices and the high debt levels, coupled with the market view […]