Driller Alpine Summit Goes Bankrupt, Blames Energy Credit Crunch

Publicly traded oil driller Alpine Summit Energy Partners Inc. and affiliates entered Chapter 11 protection in Texas, blaming a lack of credit availability for energy assets.

• Company has drilled 44 wells and grown production to 24,000 barrels of oil per day since 2018, Chief Executive Officer Craig Perry said in a sworn declaration
• The primary driver of the bankruptcy “is the absence of even basic credit availability for the Debtors’ newly developed assets,” Perry said, adding that “finding reliable counterparties that are willing to extend credit for oil and gas assets has become increasingly difficult as ESG initiatives and concerns ...