Parallel Energy files for bankruptcy, seeks sale to Scout Energy

November 9, 2015 4:34 PM

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WILMINGTON, DelOil-and-gas company Parallel Energy LP filed for U.S. Chapter 11 Bankruptcy on Monday due to low oil prices and said it had agreed to sell its assets to Scout Energy Group II LP for $110 million, according to court documents.

Parallel has 400 active oil and gas wells, mostly in Texas. The company is an affiliate of Parallel Energy Trust of Calgary which filed for protection from creditors in Canada, according to documents filed in the U.S. Bankruptcy Court in Wilmington, Delaware.

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