American Energy Partners executives on Wednesday began taking steps to close the business, the company's leadership team confirmed.
Nearly half the Oklahoma City company's 100 employees were laid off Wednesday, and the remaining employees have begun closing the company through a process expected to take two to four months, according to a source knowledgeable of the situation.
American Energy Partners' actions Wednesday follow a series of bankruptcies and layoffs in the oil and natural gas industry as nearly two years of low prices have reduced revenues and led to budget cuts throughout the oil patch.
American Energy Partners and Aubrey McClendon in November 2015 were involved in an attempt to raise up to $2 billion, but scrapped the effort after just $11.2 million was raised.Read more by clicking here.
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