ORIONS Money Stocks

[TheFinalCD]

DM Wednesday, April 22, 2020 5:15:20 PM

WLL filed for bankruptcy on April > ch. 11 to reorganize >

U.S. shale producer Whiting Petroleum Corporation, once one of the top producers in the Bakken, said on Wednesday that it had filed for bankruptcy protection, becoming the first major victim of the oil price war and the coronavirus pandemic that sent oil prices to $20.



Whiting Petroleum Corporation, whose largest projects are in the Bakken and Three Forks plays in North Dakota and the Niobrara play in northeast Colorado, said in a statement that it had started voluntary Chapter 11 cases under the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas.



“Given the severe downturn in oil and gas prices driven by uncertainty around the duration of the Saudi / Russia oil price war and the COVID-19 pandemic, the Company’s Board of Directors came to the conclusion that the principal terms of the financial restructuring negotiated with our creditors provides the best path forward for the Company,” said Bradley J. Holly, the company’s chairman, president and CEO.