By FOX NEWS Staff WritersTALLAHASSEE, Fla.
— A former oil and natural gas drilling company in Alabama that was planning to build a drilling station there has filed for bankruptcy.
In an attempt to save the project, the company filed for Chapter 11 bankruptcy protection last month.
The filing said the company was unable to make the payments on its debt due to a combination of higher drilling costs and a downturn in oil and geothermal leasing markets.
The company, the Northshore Corporation, was seeking to build the station at a property in the western state of Alabama that is now a federal park.
The Northshore site is located just outside of the town of Mockingbird Bay in the town’s Black Belt.
The company was founded in 1977.