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Gavilan Resources reports $4.63 million net loss for September
By Sarah Lizee
Olympia, Wash., Oct. 23 – Gavilan Resources, LLC reported a $4.63 million net loss for September on $15.49 million in revenue, according to its monthly operating report filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.
In comparison, Gavilan posted a $5.81 million net loss for August on $15.74 million in revenue.
The company had $22.69 million in cash and cash equivalents as of Sept. 30, down from $26.2 million at the end of August.
Gavilan Resources is a Houston-based private company established in 2017 in partnership with Blackstone to acquire, develop and produce oil and natural gas assets in the Eagle Ford Shale play in South Texas. The company filed bankruptcy on May 15 under Chapter 11 case number 20-32656.
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