Advertisement

American Standard Energy Chapter 11 Bankruptcy Filed

Advertisement

According to the U.S. Bankruptcy Court docket, American Standard Energy filed for Chapter 11 protection and is represented by Loeb & Loeb. merican Standard Energy Corp. engages in the acquisition, development, and exploration of oil and natural gas leasehold properties in the United States. As of December 31, 2012, the Company had working interests in approximately 96,300 net acres to explore for and produce oil, natural gas, and other minerals in the Permian Basin, Bakken, Eagle Ford, Niobrara and Gulf Coast regions. As of the above date, it had total proved reserves of approximately 2,319,816 barrels of oil equivalent (BOE) with 517,707 BOE in proved undeveloped reserves.

According to documents filed with the Court by president J. Steven Person, “The time leading up to the filing of the Debtors’ bankruptcy cases has been stressful for the Debtors’ management and the operation of the business. While I understand that providing complete information on the Debtors, as required by bankruptcy law and rules, is important, and the Debtors’ management desires to provide such information, I am also certain that stabilizing the Debtors’ business in the immediate post-filing period will help preserve and maximize value of these estates.” Read more energy bankruptcy news.