Sabine Oil and Gas has filed for bankruptcy after being hit by the global decline in oil prices.
The company said it is currently in discussions with lenders and debt holders regarding a potential financial restructuring plan.
In the interim period Sabine said it plans to support itself with funds which have been generated from ongoing operations.
Last year, the company agreed to buy the struggling firm Forest Oil in an all-stock transaction to create one of the biggest energy producers in Texas.
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