Buttes Gas & Oil said bankruptcy is a possibility.

President and Chief Executive John Boreta said he hoped that negotiations with lenders would keep the Oakland-based company “out of the courts.” The firm, which has suffered losses in the last three years as a result of the slump in oil drilling, said it might dispose of its minerals and agricultural businesses along with some drilling rigs. The company hasn’t paid any debt obligations since mid-May and faces delisting from the New York Stock Exchange.