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Oil Companies file for bankruptcy

Posted at 10:32 AM, May 17, 2016
and last updated 2016-05-17 14:46:01-04
Sand Ridge Energy, based out of Oklahoma City, filed for Chapter 11 bankruptcy yesterday.
 
This happening a week after Linn Energy did the same. The two were a combined $15 billion in debt.
 
Including SRE and Linn, there have ben 29 U.S. gas and oil companies that have filed for bankruptcy this year.
 
Since the start of last 2015, there has been 64 companies that have filed for bankruptcy. Analysts say that number will likely keep growing.