By Patrick Fitzgerald 

Cubic Energy Inc., the latest Texas oil company brought down by falling oil prices, filed for bankruptcy protection after reaching a deal with its lenders to hand over control of the company.

The Dallas-based Cubic, which drills for oil and natural gas in Texas and Louisiana, said it has agreed to cede control of the company to Wells Fargo Energy Capital and its secured bondholders, including an affiliate of Anchorage Capital Group.

The company, which listed assets of $120.7 million and debts of $114.2 million in its bankruptcy petition, filed for chapter 11 with a so-called prepackaged bankruptcy plan having already secured the votes to secure passage of its debt-for-equity swap.

Shares in Cubic will be canceled, according to papers filed Friday in U.S. Bankruptcy Court in Wilmington, Del.

Cubic blamed its financial woes on operational problems and plummeting oil prices. U.S. benchmark West Texas Intermediate fell below $35 a barrel early Monday, down more than 65% from a high last year of more than $100 a barrel.

Stubbornly low prices have forced more than three dozen North American oil and gas companies into bankruptcy this year, according to law firm Haynes and Boone.

Write to Patrick Fitzgerald at patrick.fitzgerald@wsj.com

(END) Dow Jones Newswires

December 14, 2015 10:00 ET (15:00 GMT)

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