Dispute Sends North American Petroleum To Ch. 11

Law360, New York (May 26, 2010, 12:58 PM EDT) -- A commercial dispute with its partner in an Oklahoma natural gas project and the cancellation of a debt forbearance agreement has sent North American Petroleum Corp. USA into Chapter 11 bankruptcy protection.

North American Petroleum, a unit of Canadian energy company Petroflow Ltd., filed its petition Tuesday in the U.S. Bankruptcy Court for the District of Delaware, listing assets of between $100 million and $500 million and liabilities in the same range.

North American Petroleum, with a U.S. office in Denver, engages in what it calls...
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