The oil and gas company Battalion Resources filed for bankruptcy on September 8. The filing included three of its subsidiaries, including Storm Cat Energy, which owns hundreds of oil and gas wells in Wyoming. Court documents show the company has $83 million in debt and only brought in $8.4 million in revenue in 2015.
Among those debts are millions of dollars owed to Wyoming counties and agencies. The company owes Campbell County $3 million, Sheridan County nearly $4.4 million and the State of Wyoming $65,000. According to the company's bankruptcy petition, over $800,000 owed to Campbell County is debt from a previous bankruptcy.
Sheridan County Treasurer Pete Carroll said because of the bankruptcy filing, state counties and agencies will not be able to collect those debts, which could increase pressure on local budgets as Wyoming struggles with a financial downturn caused by a drop in energy prices.
