May 20, 2015
Longtime Fort Worth oil firm Duer Wagner III Oil & Gas has succumbed to falling oil prices and filed for bankruptcy protection, the second Fort Worth firm do so in the past few months.
Duer Wagner Oil said in its filings in bankruptcy court in Fort Worth that its revenues and profits have dropped more than 50 percent since the price per barrel began declining nearly a year ago.
The company filed the bankruptcy May 15 on behalf of 12 debtor companies, many with the names of well-known athletes, saying its liabilities were more than $120 million, most of that to a loan with LNV, a subsidiary of Beal Bank, from December 2013. The filing said more than 200 parties will have interest in the Chapter 11 reorganization case.
For more, see http://www.star-telegram.com/news/business/barnett-shale/article21498180.html