Irving, TX | August 7, 2009 — Irving, Texas-based Cornerstone E&P Co. Ltd. and its general partner Cornerstone Southwest GP LLC have filed for Chapter 11 protection in the northern Texas district of the U.S. Bankruptcy Court.
Cornerstone has assets in Texas, including nearly 200,000 gross (100,000 net) acres leasehold position in the Maverick Basin. Maverick assets include operations in the Georgetown Limestone and the Pearsall shale. The company also has more than 40,000 net acres in the Barnett shale in the Fort Worth basin and other assets in East Texas and the Arkoma Basin in Oklahoma.
The company’s assets are valued between $10 and $50 million and has current debt between $50 and $100 million. Oklahoma City-based Devon Energy Production Co. is the company’s largest creditor with a claim of $4.86 million.
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