UPDATED — The on-going price volatility of oil and gas is taking a toll on energy companies, many of which are reassessing their balance sheets in search of solutions to avoid bankruptcy. Recently, several companies, including Energy XXI Ltd. (NASDAQ: EXXI), Peabody Energy Corp. (NYSE: BTU), SandRidge Energy Inc. and Vaalco Energy (NYSE: EGY), have indicated concerns regarding their ability to continue operations. Meanwhile, debt exchanges, which have been helpful in buying more time in the past, may no longer be sufficient, says Fitch Ratings.

Additionally, Foresight Energy (NYSE: FELP) and Linn Energy (Nasdaq: LINE) have both recently provided updates to investors on their troubled financial states.

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