Trident Resources Files for Bankruptcy Citing Gas Price Decline

(Bloomberg) — Trident Resources Corp., a Canadian natural gas explorer, filed for Chapter 11 bankruptcy protection in the U.S., citing a drop in prices and fluctuations in the Canada-U.S. currency exchange rate.

The company listed as much as $10 million in assets and as much as $1 billion in liabilities in a filing yesterday in U.S. Bankruptcy Court in Wilmington, Delaware. Lower natural gas prices may decrease cash flow and force a delay in investments, it said in a separate motion to the court.

Trident also sought relief from Canadian creditors, according to the motion. The Calgary, Alberta-based company drills for gas in Alberta, British Columbia and the Columbia River basin straddling Washington and Oregon and owned interests in 1045 economic producing wells as of the end of June, the motion said.

Bloomberg