Stacy Summary: As we’ve warned repeatedly, frackers were losing money at $100/barrel, they’re going bust at $60/barrel.
Oil price collapse claims WA’s Red Fork Energy, shale gas company in receivership
The collapse of the oil price has snared its first West Australian victim with Red Fork Energy losing the support of its major lender.
The Perth-based company drills for shale gas in the United States, producing oil and gas.
But, it is completely exposed to the US shale gas industry, which analysts say has become unviable at current oil prices.
But Bank of America said shale fracking was profitable at even $40!?