Midstates Petroleum Co. Inc. (NYSE: MPO) raised doubts about its ability to remain as a going concern and said it may need to seek Chapter 11 bankruptcy protection.

"We have substantial debt obligations and may not be able to maintain adequate liquidity throughout 2016," Midstates Petroleum said March 30.

A more than 70% fall in oil prices since mid-June has dwindled the oil market and pushed many oil and gas producers to file for bankruptcy.

About 40 oil and gas producers across the globe have filed for bankruptcy since oil prices began to decline in late 2014, and up to a third of all energy companies may fail unless prices recover, consulting firm Deloitte said last month.

Midstates Petroleum said on March 30 it had engaged financial and legal advisers to analyze strategic alternatives to address its liquidity and capital structure.

"The company believes a filing under Chapter 11 of the U.S. Bankruptcy Code may provide the most expeditious manner in which to effect a capital structure solution," the company said.

Oklahoma-based Midstates had total debt of about $1.8 billion as of Feb. 26, excluding outstanding borrowings under its credit facility.

The company had cash and cash equivalents of about $81 million as of Dec. 31.