Ascent Resources Marcellus files for bankruptcy

Ascent Resources Marcellus Holdings LLC said it has filed for Chapter 11 bankruptcy as part of a negotiated plan with lenders to reduce about $1 billion of debt and boost liquidity, according to Reuters. The news service says the filing in the U.S. Bankruptcy Court in Wilmington, Delaware is for Ascent’s Marcellus assets, which include development rights on 43,000 acres in West Virginia, and has no impact on Ascent's Utica shale play holdings in Ohio. The company said the Marcellus and Utica assets are owned by entities with separate capital structures. For more, read the full story.

Ohio, Oil & Gas Litigation, West Virginia