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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.

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