Midland, Texas – An oil and gas company headquartered in Midland, Texas has already declared bankruptcy six times this year. Five times in one year was the record in 1985. Six times in just the month of January really speaks of the industry today.
The oil and gas company filed their sixth bankruptcy with the Federal Court of Bankrupt Oil and Gas Companies this morning. When the clerk saw the same guys coming in for the sixth time this year, she just shook her head and gave the defunct executives the papers to fill out.
There was a long line at the Federal Court of Bankrupt Oil and Gas Companies this morning. Luckily for the now bankrupt oil and gas company, after your fifth time filing for bankruptcy you get a pass for the expedited line. It is one of the hidden secrets only seasoned oil and gas executives know about.
The executives at the now bankrupt oil and gas company, called Feculence Onshore Inc. plan to start their seventh energy company this afternoon.
The new company is called Profligate Exploration Inc. The only assets are six acres of mineral rights in west Midland, Texas. Profligate Exploration Inc. has fifteen classes of preferred stock, ten million warrants, one hundred trillion options and $800 million of unsecured high yield debt. Accredited investors can follow this link to invest in an opportunity of a lifetime.