Buttes Gas & Oil filed for Chapter 11 protection.
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The action by the Oakland-based petroleum firm was expected after it fell behind on payments on $150.6 million in secured debt. As of June 30, the firm’s liabilities exceeded its assets by $10.2 million. Buttes said its operations were hurt by the drop in petroleum prices and by a decline in the use of its offshore and other rigs. A drilling affiliate, Progress Drilling & Marine, also filed for bankruptcy protection.
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