What’s in a name? Would an oil and gas company named after a Marvel Comics superhero be more successful than one named after a Dallas Cowboy? Probably not, given recent roller-coaster oil and gas prices. Even the Hulk can only do so much when the price of West Texas Intermediate crude has whipsawed between approximately $106 per barrel and around $45 a barrel during the past 12 months.
Duer Wagner III Oil & Gas LP and 11 of its affiliates recently filed Chapter 11 bankruptcy cases in the U.S. Bankruptcy Court for the Northern District of Texas in Fort Worth. Unfortunately, oil and gas companies filing for bankruptcy protection in today’s unstable price environment is nothing out of the ordinary. What sets these cases apart are the unusual names of a number of Duer Wagner’s subsidiaries.
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