A glut of natural gas continues to weigh down prices. In response, some operators have started monetizing their in-the-money hedges to raise capital. Others are facing adjustments to their borrowing bases and may be forced to sell assets at a time when prices are low. Still other operators are in Chapter 11, or may be headed that way, and face distressed sales.

“We may see significant strain this fall in terms of those adjustments,” says Nir Yarden, a partner at Haynes and Boone LLP. “There are opportunities to acquire gas ...