Bonds of Sabine Oil & Gas Corp. plummeted after the company said it hired Lazard Ltd. and Kirkland & Ellis LLP to advise it on strategic alternatives related to the company’s capital structure.

Sabine’s $578 million of 7.25 notes maturing in June 2019 dropped 10.7 cents to a record 14 cents on the dollar at 11:24 a.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The shares fell 23 percent to 10 cents in New York trading.

The Houston-based driller owned by private-equity firm First Reserve Corp. also will delay filing its full-year results with the U.S. Securities and Exchange Commission until March 31, according to a statement Monday. The company said it won’t host a conference call when it releases fourth-quarter and 2014 earnings.

The moves come after Sabine agreed in May to acquire Forest Oil Corp. Shane Bayless, Sabine’s chief financial officer, said at the time that the combined company would have “enhanced financial strength and flexibility” and planned to assess opportunities to sell assets and reduce indebtedness. Since then, the price of West Texas Intermediate crude, the U.S. benchmark, has dropped 57 percent to about $43 a barrel.

The deal, which was completed in December, created one of the biggest energy producers in East Texas, with drilling rights on 207,000 net acres in the region and another 65,000 acres in the Eagle Ford area of West Texas.

Ash Spiegelberg, a spokesman for Sabine at Brunswick Group, declined to comment.