Private independent ERG Resources wants to sell off assets–horses included–as it tries to reorganize in federal bankruptcy court in Dallas.

ERG, with offices in Houston and California, has been unsettled since the sale of the company was nixed by the U.S. government in 2014. The company was also dealt the same blow as other producers when oil fell. ERG’s oil production received just $38 per barrel in the first quarter of 2015.

In May 2014, ERG agreed to sell its assets to Goldleaf Jewelry Co., a publically traded jewelry and gold mining company based in China for $665 million in a stock transaction.

The deal never happened. Approval by the Chinese and U.S. governments took longer than expected. The U.S ultimately objected due to national security concerns related to the proximity of ERG’s operations and U.S. military facilities.

The company was subsequently unable to get loans as oil plunged further.

On April 30, ERG Intermediate Holdings, its subsidiary ERG Resources, LLC, and three of its subsidiaries filed for Chapter 11 bankruptcy protection.

The companies said on their website they plan to reorganization, conduct a sale of ERG’s California assets and regroup around its Texas assets.

Since its bankruptcy filing, disputes among and with ERGs’ creditors have included ownership of horses, one of which was partially paid for with $100,000.

In California, ERG owns about 18,794 net acres of leasehold in the Cat Canyon Field in Santa Barbara County. The Cat Canyon Field, discovered in 1908, has produced more than 300 MMbbl of oil since its discovery.

ERG acquired the acreage in a series of transactions beginning in 2010, including substantial leasehold acreage from Chevron Corp. (CVX).

By the end of 2013, ERG had drilled 97 thermal wells and had reached peak production levels of 5,000 barrels per day (bbl/d). However, the regulatory environment required ERG to employee three fulltime employees to handle such matters in Santa Barbara County.

ERG owns an average working interest of about 97% and an average net revenue interest of approximately 78% in these leases. A subsidiary of ERG owns a 7% overriding royalty interest in the Cat Canyon Field. The company said a single purchaser buys oil and gas production from the field.

The company is also selling its Liberty County, Texas, oil and gas leases of about 680 net acres. ERG owns and operates the assets.

ERG said that bids will only be considered if cash consideration for assets, contracts and leases is at least $250 million.

The company has $372 million in debt under its senior facility when it filed for bankruptcy. ERG did not make its scheduled debt payments in the fourth quarter of 2014 or the first quarter of 2015. The company also owes $10.5 million to vendors.

ERG has operated since 1996, when it purchased Galveston Bay assets from Cedar Point Oil Co.