Thanks @Ophir
Yes, both filed for Ch l1..I didn't know that.
Many states, especially Texas, are getting badly hit (just as in the Alberta , CA, oil-patch). This also happened in the late 80's when oil hit about $10 /Bbl.
http://www.wsj.com/articles/oil-companies-ultra-petroleum-midstates-file-for-bankruptcy-1462146920
Bankruptcy Law is a great field to be in right now.