Two more oil companies have filed for Chapter 11 bankruptcy protection , as crude oil prices hover just above $45 per barrel and financial woes take their toll. Oklahoma-based Midstates Petroleum Company and Texas based Ultra Petroleum have now filed for bankruptcy, citing combined debts of more than US$5.8 billion blamed on a long run of low commodity prices that have led to irreparable financial damage. Last year, Midstates Petroleum recorded a net loss of $1.8 billion, compared to net income of $116.92 million a year ago. The company operates in Texas, Louisiana and Oklahoma and produced 12 million barrels of oil equivalent in 2015. It owns assets worth around $680 million. According to the company, it reached a plan support agreement with a majority of its lenders for restructuring. As for Ultra Petroleum , the company had disclosed that it has a debt of nearly $4 billion against […]