Major S.B. Oil Driller Files for Bankruptcy
Houston-headquartered ERG Intermediate Holdings, which operates hundreds of conventional and cyclic steam injection oil wells in Santa Barbara County, filed for Chapter 11 bankruptcy in a federal court in Texas on 4/30. Court documents indicate the company plans to sell but maintain existing operations. What that means for the ERG’s bid to drill 233 new cyclic-steaming wells here — the project is set to start its environmental-review phase, which would cost the company just shy of $250,000 — remains unclear.
