The number of North American oil and gas producers filing for bankruptcy has dropped significantly this quarter, with just nine producers seeking court protection, compared to 29 during the same period last year. That's according to a recently released tally of oil and petroleum bankruptcies from Dallas law firm Haynes and Boone.

Haynes and Boone tracked 123 North American oil and gas producers that have filed for bankruptcy since the beginning of 2015. These bankruptcies, including Chapter 7, Chapter 11, Chapter 15, and Canadian cases, involve approximately $79.9 billion in cumulative secured and unsecured debt. As of April 27, 2017, nine producers have filed bankruptcy in 2017, representing approximately $5.7 billion in cumulative secured and unsecured debt.

During the month of March, two E&P companies filed for bankruptcy with cumulative debt of approximately $13 million. During the month of April, two E&P companies filed for bankruptcy with cumulative debt of $119 million. One of those filings was Venoco, LLC, which filed for bankruptcy for the second time in 13 months. 

Given recent declines in oil prices, experts say it's too soon to predict a market turnaround.

"Maybe the storm has not passed," Charles Beckham, a partner at Haynes & Boone, told the Houston Chronicle. "The patience of their lenders could evaporate."