Luca Technologies files for bankruptcy
Luca Technologies, a Colorado-based biotechnology company focused on extracting natural gas from coal seams in Wyoming, has declared bankruptcy.
Luca began testing their “methane farming” method in the Powder River basin in 2006. Since then, they have faced regulatory and financial difficulties which have resulted in permitting delays, layoffs, and now, finally Chapter 11 bankruptcy.
Methane farming generates natural gas by feeding nutrients to microbes in coal beds.
Marion Loomis of the Wyoming Mining Association says that low prices for natural gas will likely continue to thwart companies trying to innovate in this field.
“Well these technologies are just new and developing. I am sure there will be other companies that will look at these technologies as a potential way to generate natural gas when the price of natural gas comes back up to historic levels,” Loomis added.
Luca’s filing includes over 30 pages of possible creditors, including the Wyoming Department of Environmental Quality and the Office of State Lands and Investments.