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The Stone Energy Bankruptcy: Lessons for the JOA

by Locke Lord LLP on

In 2011, Stone Energy Corporation and Triad Hunter, LLC entered into a development agreement for the exploration of about 4,200 acres in West Virginia under a 1989 form JOA. Each party owned 50% and Stone was designated as...more

Oil and Gas Industry Update: District Court Upholds Rejection of Sabine Gas Gathering Agreements

by Jones Day on

In a highly anticipated decision—HPIP Gonzales Holdings, LLC v. Sabine Oil & Gas Corp. (In re Sabine Oil & Gas Corp.), 2017 BL 83510 (S.D.N.Y. Mar. 9, 2017)—Judge Jed S. Rakoff of the U.S. District Court for the Southern...more

District Court Upholds Bankruptcy Court’s Ruling on Rejection of Gathering Agreements

by King & Spalding on

On March 10, 2017, the United States District Court for the Southern District of New York (the“Court”) affirmed on appeal a bankruptcy court’s prior decision in In re Sabine Oil & Gas Corp. that permitted a debtor to reject a...more

Energy Alert: The Court of Appeal Upholds the Redwater Decision

by Field Law on

Field Law’s Energy Group continues to follow developments regarding the Redwater Energy case. This Energy Alert summarizes the Alberta Court of Appeal’s recent decision on the matter. ...more

SDNY District Court Upholds Rejection of Mineral Gathering Agreements

by LeClairRyan on

The U.S. District Court for the Southern District of New York, in the case of HPIP Gonzalez Holding, LLC v. Sabine Oil & Gas Corp. (In re Sabine Oil & Gas Corp.), recently affirmed three decisions of the U.S. Bankruptcy Court...more

Sabine: The Next Episode

by Bryan Cave on

On June 16, 2016, The Bankruptcy Cave gave you our previous summary of the controversial Sabine decision. When Bankruptcy Judge Chapman determined there was no reason to expedite review of her decisions in the case, we...more

Rejecting Midstream Agreements in Bankruptcy – the Journey Continues

by Gray Reed & McGraw on

One of the hottest issues from 2016 was whether an E&P debtor can reject, under section 365 of the Bankruptcy Code, an above-market midstream contract. Given the potential for a “no-win” situation, in all but one case where...more

District Court Upholds Controversial Bankruptcy Decision in Sabine

On March 10, 2017, the U.S. District Court for the Southern District of New York issued a Memorandum Order, in which it affirmed a controversial bankruptcy court ruling. The district court agreed with the bankruptcy court...more

District Court Upholds Bankruptcy Court’s Ruling on Rejection of Gathering Agreements

by King & Spalding on

On March 10, 2017, the United States District Court for the Southern District of New York (the “Court”) affirmed on appeal a bankruptcy court’s prior decision in In re Sabine Oil & Gas Corp. that permitted a debtor to reject...more

Coming Down the Pipeline: Mitigating the Payment Risk in Oil and Gas Construction Through Lien Claims

by Pepper Hamilton LLP on

Since 2015, the oil and gas market has experienced significant distress. Recent reports have tracked at least 114 North American oil and gas producers and 16 midstream companies that have filed for bankruptcy since the...more

Tokyo Dispute Resolution & Crisis Management Newsletter – January 2017

by King & Spalding on

Managing Risks in Acquisitions from Financially Challenged Sellers in the Resources & Energy Sector - Low Commodity Prices - After a decade long boom in the resources and energy sector, prices across almost all...more

Eastern District of Louisiana Dismisses Officer Compensation Fraudulent Transfer Claims in Tow v. Bulmahn

by Locke Lord LLP on

The U.S. District Court for the Eastern District of Louisiana dismissed a Chapter 7 bankruptcy trustee’s claims against officers and inside directors of ATP Oil & Gas Corporation in Tow v. Bulmahn on Wednesday. In Tow v....more

R&I Update: Hot Topics in Oil and Gas Restructurings, Volume 5: Delaware Bankruptcy Court Sends Covenant Question to North Dakota

by McGuireWoods LLP on

Like the wild prairie rose that punctuates the North Dakota plains, the issue of whether a debtor can reject its midstream agreements is back after a brief period of dormancy. In Hot Topics in Oil and Gas Restructurings,...more

Third Circuit Upholds The Enforceability Of Make-Whole Premiums In Post-Bankruptcy Context

In a recent November 17, 2016 opinion, Delaware Trust Co. v. Energy Future Intermediate Holding Company LLC, Case No. 16-1351, the Third Circuit Court of Appeals reversed two lower court opinions by holding that make-whole...more

EFIH Noteholders Find Redemption for the Payment of Make-Whole Premiums

by Shearman & Sterling LLP on

On November 17, 2016, the United States Court of Appeals for the Third Circuit issued a decision in which it held that holders of first lien notes and second lien notes of Energy Future Intermediate Holding Company LLC and...more

ICYMI: Energy & Environmental News Roundup

Oil & Gas - Murray Energy Closes $63.6 Million Asset Sale of Utica Oil and Gas Reserves - On Wednesday, October 26, 2016 Murray Energy Corporation announced that it had entered into an agreement to sell around 5,900...more

Louisiana State Mechanics’ Lien Law Trumps Parties’ Contract Terms

by Locke Lord LLP on

With U.S. oil and gas prices dipping low over the past year and a half, a large number of companies have declared bankruptcy. In the next year and a half, it is forecasted that more companies who are limping along, may seek...more

Reed Smith Prepares Enforceability Opinion for IECA New Master Netting Agreement

by Reed Smith on

On October 7, 2016, Reed Smith assisted the International Energy Credit Association (“IECA”) in preparing an enforceability opinion for the release its Master Netting Agreement (the “MNA”) under both English and U.S. law....more

Global Tax News: Hard times in the oil patch: tax implications for investors in the era of price fluctuations

by DLA Piper on

The current decline in oil prices, which continues to show no signs of a long-term reversal, is having a great many unexpected and unwanted consequences, many of which may turn into long-lasting troubles for the oil and gas...more

SunEdison: A Cautionary Tale?

by Sullivan & Worcester on

U.S. Bankruptcy Judge Stuart Bernstein recently approved SunEdison’s proposed sale of $144 million of solar and wind assets to NRG Energy. The sale continues SunEd’s string of dispositions this year following its April...more

Energy Newsletter - September 2016

by King & Spalding on

Implementing Islamic Financing for Renewable Energy Projects - The Middle East and North Africa (MENA) region has recently seen a surge of interest in developing renewable energy, in particular solar energy projects. Led...more

Managing Risks in Acquisitions from Financially Challenged Sellers in the Resources & Energy Sector

by King & Spalding on

Impact of Low Commodity Prices - After a decade long boom in the resources and energy sector, prices across almost all commodities declined from 2012, with particularly sharp declines during 2015 and into 2016, as supply...more

Bankruptcy and Midstream Contracts: Contract Parties Push Back

by King & Spalding on

In previous Energy newsletters, we have addressed one of the current hot topics in E&P bankruptcy cases – rejection of midstream contracts and declaratory relief that the “dedications” contained in those agreements are not...more

Your daily dose of financial news - The Brief – 9.16.16

by Robins Kaplan LLP on

The DOJ has reportedly proposed an eye-popping $14 billion settlement with Deutsche Bank to resolve MBS-related probes, though insiders caution that this is likely an outsized opening bid and that the ultimate settlement will...more

When is a company regularly engaged in the business of leasing goods?

by DLA Piper on

The recent decision by the New South Wales Supreme Court in Forge Group Power Pty Ltd (in liquidation)(receivers and managers appointed) v General Electric International Inc [2016] NSWCA 52 provides useful guidance for...more

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