Pursuing Plan to Negotiate with Creditors
FORT WORTH, TX – 02/16/2016 - Native Oilfield Services, LLC (“Native” or the “Company”) today announced that after careful consideration, it will be ceasing all operations and releasing the majority of the Company’s workforce, effective immediately. Native has engaged the services of Forshey Prostok LLP to develop and execute a plan to unwind and maximize the value of Native’s assets for the benefit of its creditors and customers.
“We are taking this difficult, but necessary, step as Native can no longer meet its day to day obligations due to the adverse operating conditions presented by the distress in the pressure pumping segment of the oil and gas market, “said John Barclay, President of Native Oilfield Services, LLC. “I would like to thank our team of professionals at Native for their tireless efforts and ability to maintain the highest level of service to our customers over the past year despite the increasing demands created by the current commodity price environment. With the assistance of counsel, Native will continue discussions with its lenders and creditors over the next two weeks in an effort to avoid the added costs and delays associated with bankruptcy.”
Native Oilfield Services, LLC
Phone: (817) 783-3636
Source: Native Oilfield Services, LLC