Samson Resources filed for chapter 11 bankruptcy protection late Wednesday. The Tulsa-based oil and gas producer filed petitions with the U.S. Bankruptcy Court for the district of Delaware that would allow, with approval to continue operations.
Samson Resources said in a news release this move is the latest step in its restructuring plans.
"We fully expect to operate our business as usual throughout this process and to emerge as a financially stronger company," said Randy Limbacher, chief executive of Samson Resources.
Samson's move comes as energy companies across the U.S. are facing reduced prices for crude oil and natural gas.
Samson was founded by Charles Schusterman in 1971 and is privately held with onshore oil and gas exploration and production operations in Colorado, Louisiana, North Dakota, Oklahoma, Texas and Wyoming.