On Thursday, Lonestar Resources US Inc. filed for Chapter 11 bankruptcy protection, following some other shale companies previously devastated by weak crude prices.
As of June 30, Lonestar possessed a total debt of USD546.3 million and had defaulted on two debt payments. Its shares slumped by 13% to 20 cents, which resulted in shrinking market capitalization to just above USD5 million. In comparison, in 2014, its market capitalization was close to USD350 million.
Lonestar operates in Texas’ Eagle Ford basin. It produced about 14,000 boepd.
