Apollo-, Ares-Owned Oil Firm Files for Bankruptcy in the U.S.

Chisholm Oil & Gas, owned by private equity firms Apollo Global Management and Ares Management Corporation, filed for bankruptcy in the U.S. late on Wednesday, according to court documents.

The Tulsa, Oklahoma-based company sought Chapter 11 protection from creditors in U.S. Bankruptcy Court in Delaware.

Chisholm has estimated liabilities between $500 million and $1 billion and assets ranging from $1 billion to $10 billion, according to a court document dated June 17.

Representatives at Apollo and Ares were not immediately available to reply to calls and emails seeking comment outside office hours.

Apollo acquired oil and gas exploration and ...