PETITION

As concerns grow about Iranian and Venezuelan production levels, oil and gas is now hovering around $67-68, and there are headlines like this: “Is Big Oil Back?” You’d think, therefore, there’d be a bit less talk about distressed oil and gas companies. After all, distressed oil and gas is so 2015.

Think again. This past week Houston-based Erin Energy Corporation ($ERN) filed for bankruptcy; it is a Sub-Saharan Africa-focused exploration and production company. Meanwhile, we’ve all heard about Rex Energy’s imminent restructuring, but now there are fissures appearing at Austin-based Jones Energy ($JONE) as well.

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