New Source Energy Partners and its general partner New Source Energy GP LLC this week filed for bankruptcy liquidation amid the ongoing oil industry slowdown and a yearlong lawsuit with an investor.

New Source said it has $5.1 million in cash and property and owes fewer than 50 creditors about $51.2 million.

"After any administrative expense are paid, no funds will be available for distribution to unsecured creditors," the companies said in documents filed Tuesday in bankruptcy court in Delaware.

New Source reported gross revenues of $2.1 million so far in 2016, compared with $19.3 million in 2015 and $61.5 million in 2014.