Through April, lenders will determine how much money they’re willing to loan E&Ps. For the majority, the spring revaluation will likely cut borrowing bases by 20% to 30%, an analyst said.
Out of time and money, Emerald Oil filed for Chapter 11 bankruptcy. The company leases about 76,000 net acres in the Williston Basin, and has millions of barrels in potential oil in the Bakken Shale.
Israel's High Court objections about the stability clause in a framework agreement concerning the Leviathan Field could further delay development. The field's developer's Noble Energy and Delek Group hoped the $6 billion project would start in 2019.