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Bankruptcies Hit San Antonio Market

Four San Antonio, Texas-area energy companies have filed for reorganization or liquidation in the San Antonio division of the U.S. Bankruptcy Court for the Western District of Texas.

They are:

  • JM Oilfield Services, a Gonzales, Texas-based company that operated a fleet of vacuum trucks for saltwater disposal.
  • Hunt, Texas-based BMC Oilfield Supply.
  • San Antonio-based operator New Voyage.
  • FWLL, the San Antonio-based parent company of frac sand provider FourWinds Logistics.

San Antonio attorney Thomas Rice, who represents FWLI, told the Houston Chronicle that more bankruptcies are likely if oil stays around $45 a barrel. "If we see an increase, $60, $70, a lot of people can survive at $60 and $70," Rice said.

FWLL filed for reorganization on Aug. 27. It listed $9.6 million in assets and $5.5 million in liabilities.

"The drop in oil prices also created a drop in frac sand prices and the demand for frac sand," Rice said. "They had purchase orders with Halliburton that ultimately were canceled – in the range of $7.5 million, which for this business is obviously huge."