Fort Worth-based Southland Royalty Company LLC has filed for Chapter 11 bankruptcy protection.
The oil and gas company, backed by Houston-based EnCap Investments LP, owes about $540 million to a revolving credit facility, according to a bankruptcy court filing.
Southland is entering into the bankruptcy proceedings with a cash balance of about $12 million and has secured a debtor-in-possession loan for about $70 million. Frank Pometti is listed as its chief restructuring officer and also serves…