Natural gas storage company Peregrine Midstream Partners LLC filed for bankruptcy on Feb. 2, the latest in a string of energy-related companies to seek Chapter 11.
Oil and gas prices have fallen sharply since mid-2014 and scores of exploration companies and related service firms have filed for bankruptcy as their debt became unsustainable.
Peregrine's Ryckman Creek affiliate operates a 50 billion cubic foot storage facility in Uinta County, Wyoming, according to a filing with the U.S. Bankruptcy Court in Wilmington, Delaware.
Peregrine estimated it had between $100 million and $500 million of both assets and liabilities.
The company also said it had an outstanding secured bank loan of $332 million.
European private equity group EQT Infrastructure acquired 70 percent of Houston-based Peregrine in 2011, according to Peregrine's website.
Peregrine was founded in 2009 by John Hopper and Jeff Foutch, who also founded Falcon Gas Storage Co, according to Peregrine's website. Falcon was acquired in 2005 by Bahrain-based Arcapita, which filed for bankruptcy in 2012.
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