Major Eagle Ford player declares bankruptcy

Houston-based EP Energy Corp., one of the Eagle Ford Shale’s leading oil producers, has filed for Chapter 11 bankruptcy.

However, the company said that won’t affect its current business operations. EP Energy (OTC: EPEG) reported assets of $4.1 billion and debts of $4.9 billion in its bankruptcy petition Thursday. A day later, a bankruptcy judge entered a series of orders that allows the company to continue paying its employees, royalty owners and taxes while it reorganizes.

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