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Colorado shale player HighPoint files for bankruptcy

Colorado shale player HighPoint files for bankruptcy
naturalgasworld.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from naturalgasworld.com Daily Mail and Mail on Sunday newspapers.

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Oil Rally Halted As European Vaccination Campaign Stalls


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U.S. Calls On Saudi Arabia To Ensure Supply Of Affordable Energy ....

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HighPoint Files for Chapter 11, but Bonanza Creek Merger Still Proceeding


HighPoint Files for Chapter 11, but Bonanza Creek Merger Still Proceeding
Colorado pure-play HighPoint Resources Corp. has filed for Chapter 11 after a senior notes exchange offer failed by merger partner Bonanza Creek Energy Inc.
The Denver-based exploration and production (E&P) companies, which both train their talents on the Denver-Julesburg (DJ) Basin, agreed in November to merge in an estimated $376 million transaction. 
Bonanza Creek in early February launched an offer to exchange common stock and newly issued senior notes due in 2026 for all of HighPoint’s senior notes due in October 2022.
HighPoint at the time also began tallying votes from the senior note holders to accept or reject a prepackaged reorganization plan. If the minimum participation condition by the note holders was not met, HighPoint said it would file for Chapter 11. ....

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Oil Advances Above $66 as Week Opens With the Recovery in Focus


Oil Dips With Weakening Market Structure Holding Back Rebound
Bloomberg
3/15/2021
Andres Guerra Luz and Alex Longley
(Bloomberg) Oil declined for a second day as the market’s underlying structure weakened and the dollar strengthened.
Futures edged 0.3% lower in New York on Monday, paring earlier losses as U.S. equities reversed a decline. While the Bloomberg Dollar Spot Index faded from a session high, a small gain for the greenback still weighed on commodities priced in the currency.
Crude wasn’t able to shake off declines entirely as key calendar spreads weakened. West Texas Intermediate crude’s nearest timespread settled at its deepest contango structure since January, signaling oversupply. Flagging demand for U.S. exports is hitting the market at the same time as domestic oil output has outpaced the recovery in refineries after last month’s deep freeze. ....

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