Yes, and that’s just fine.
The good thing is that this investment in wells will not be wasted–they will be available to keep producing once prices recover–to the benefit of us consumers.
I don’t think it is bad if big companies buy up the closed wells and produce in the future.
And about that “pennies on the dollar” possibility: the assets of bankrupt producers will sell for whatever supply and demand call for. Some may sell to other small entrepreneurs, some will be kept by those with staying power, some will be bought up by bigger companies. The prices of the wells will depend upon the collective estimates of future oil prices.
