September 13, 2019 Comments (0) Views: 237 Houston-Galveston, Texas News

Oil Producer Alta Mesa Files for Bankruptcy, Amid SEC Investigation

Houston oil producer Alta Mesa Resources filed for bankruptcy protection, amid failing finances and an SEC investigation into possible fraud. The shale-oil start-up, led by former Anadarko executive Jim Hackett, had a Wall Street value of $3 billion in early 2018. Recently, the company was valued at $30 million, and is trading for cents per share. The company has been struggling financially for several months, despite layoffs.

According to a statement, the company indicated that it is operating “against a historically challenging commodity price environment and a capital market that is highly constrained for energy companies.” Also in the works are several leadership changes, with Mark Castiglione taking over the role of CEO, promoted from Interim Executive Vice President Strategy. Meanwhile Hackett, who was interim CEO, will resume his former role of Executive Chairman.

Pictured: Alta Mesa headquarters, 15021 Katy Fwy., Houston

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