US energy firm BPZ Resources is filing for Chapter 11 bankruptcy protection, citing the plunge in oil prices and its inability to find financing.
Houston-based BPZ said it wanted to stay in business as it revealed it was filing its petition for bankruptcy reorganization in the US Bankruptcy Court for the Southern District of Texas.
It is the second Houston firm to go under this week.
BPZ has reported annual losses every year since at least 2005, losing about £186million over that period.
It took a loss of £34.1million over the first three quarters of 2014, though revenue rose 70% from a year earlier to £43.5million.
It had short and long-term debt of £151.7million outstanding as of September 30.
BPZ owns oil and natural gas acreage in Peru and off the coat of the South American nation.
Its move to file for bankruptcy protection has coincided with a similar move by Houston-based Dune Energy.
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