July 17, 2019 / 10:21 PM / a month ago

Oil producer says lack of fresh water to blame for bankruptcy filing

Independent energy producer Remnant Oil Co has filed for Chapter 11 bankruptcy protection, blaming in part a 2017 order by New Mexico’s land commissioner that left it unable to inject fresh water into many of its wells.

Pumping CO2 and water into reservoirs helps with extracting oil, and the order left Remnant unable to get at millions of barrels worth of recoverable oil at its Caprock proprieties in New Mexico’s Chaves and Lea counties, Remnant Chief Executive E. Willard Gray II said in court papers filed on Tuesday in U.S. Bankruptcy Court for the Western District of Texas.

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