By the time Davis Petroleum Corp. hired Rhett Campbell and a team of bankruptcy lawyers at Thompson & Knight in February, the Houston-based oil and gas exploration company had a big need for cash and little time to get it.

Davis Petroleum had been working on a cash-infusion deal with a private equity company, but that proposed investment by Evercore Capital Partners hit a solid roadblock in early February. On Feb. 14, Davis Petroleum hired Thompson & Knight to explore other financial alternatives, including a Chapter 11 filing.

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