Milagro Oil & Gas Inc.’s noteholders have until May 31 to decide if they want to exchange their notes as part of a restructuring effort.

Milagro, a Houston-based oil and gas exploration company, raised concerns about continuing without the threat of liquidation in a May 22 filing with the U.S. Security and Exchange Commission. In the filing, Milagro says that it is exploring alternatives to reduce its debt.

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