Hydrocarb Energy and subsidiary Debtor Galveston Bay Energy filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 16-31922.
The Company, which is engaged in the exploration, acquisition, development and production of crude oil and natural gas properties, is represented by Christopher Adams of Okin Adams & Kilmer. According to documents filed with the Court, “Funds will be available for distribution to unsecured creditors….In the judgement of the Board, it is in the best interests of the Company, its creditors, employees and other interested parties that a petition be filed by the Company seeking relief under chapter 11 of the Bankruptcy Code.”
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