Midstates Petroleum To File Chapter 11 Bankruptcy

Sunday, May 1st 2016, 11:11 pm
By: News On 6

The slumping oil industry is causing more problems for Oklahoma’s economy.

Midstates Petroleum made news after moving its headquarters from Houston to downtown Tulsa a year and a half ago when oil prices were much higher.

Midstates announced on Sunday that it's filing Chapter 11 bankruptcy.

We've reached out to the company to see how employees might be affected.

In a statement, the company's CEO says the restructuring will allow it to reduce its debt load and operate business as usual.