News & Analysis as of

Exploration and Production Assets

EIA: Appalachia natural gas production soars over past five years

by Bricker & Eckler LLP on

A federal agency reports that shale gas production in Appalachia, including from the Marcellus and Utica shale plays, has jumped more than 14 billion cubic feet per day (Bcf/d) since 2012, according to Kallanish Energy....more

Oil and Gas in Texas: Some Law and a Little History

by Gray Reed & McGraw on

Welcome to the binary edition, where you have a choice: An informative and engaging stroll through the history of the oil and gas business in Texas, or a wonkish and also informative legal analysis....more

Oil Regulation 2017 - United States

Describe, in general terms, the key commercial aspects of the oil sector in your country. The US oil industry is divided into three sectors: upstream (exploration and production), midstream (processing, storage and...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Several members of healthcare hedge fund Deerfield Mgmt have been implicated in an insider-trading case over the alleged use of confidential information about gov’t financing to trade shares in affected health care companies....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

With oil markets again in free fall, Saudi Arabia and Russia have agreed to cut production, and industry experts expect that the rest of OPEC may soon follow suit....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

News emerged in past weeks that North Korean hackers were likely behind the theft of $81 million from the central bank of Bangladesh. You can add to that an attack on more than 20 Polish banks and an attempt at other...more

Brent - Life on the Road Again

2017 will see the start of the process of decommissioning the iconic Brent oil production platforms in the UK sector of the North Sea. The first of the four Brent platforms, Brent Bravo, first started producing oil from the...more

Estimates from Common Metering System are Insufficient to Maintain Oil and Gas Lease

by Reminger Co., LPA on

Recently, the Seventh District Court of Appeals of Ohio in Joseph and Anna Lang v. Weis Drilling Company, et al., Slip Opinion No. 2016-Ohio-88213, held that estimates derived from a common metering system are insufficient to...more

"Oil and Gas Industry Seeks Steady Ground Following Year of Restructurings, Restrictive Lending"

Crude oil and natural gas prices reached multiyear lows of approximately $26 per barrel for crude oil (as of January 2016) and $1.50 per million British thermal units (mmbtu) for natural gas (as of March 2016). This...more

The Pursuit of Basin Consolidation and Contiguous Acreage Positions: Weighing the Risks and Benefits

The dramatic decline in oil and gas prices that began in 2014 has led many financial sponsors and exploration and production companies to consolidate assets and focus their funds on areas that can generate economic returns...more

‘Fit for 50’ – Restructurings Likely as Oil Industry Enters New Normal

by Latham & Watkins LLP on

Prior to the recent collapse in oil values, prices existed at over $100 a barrel for over three years. It made the economics of oil exploration, production and sale comparatively straightforward, but embedded costs into the...more

“Production in Paying Quantities”: Louisiana Appellate Court Decides When and What Should be Considered in Determination

by Liskow & Lewis on

The Louisiana Second Circuit Court of Appeal, in Middleton, et al. v. EP Energy E&P Company, L.P., et al., concluded that, in considering whether mineral leases terminated for failure to produce in paying quantities, a fact...more

OCC Issues Handbook on Oil and Gas Exploration and Production Lending

Oil and gas exploration and production companies (E&P Companies) are in the news because they are restructuring or filing bankruptcy as a result of the fall in oil and gas prices. On March 16, 2016, the Office of the...more

OCC Issues Updated Oil and Gas Exploration and Production Lending Booklet

by Locke Lord LLP on

On March 16, 2016, the Office of the Comptroller of the Currency (OCC) issued an updated “Oil and Gas Exploration and Production Lending” booklet to replace the previous booklet on the same subject matter, which was issued in...more

Not So Fast My Friend: Implied Covenant to Develop and Non-Apportionment Subdivision Tracts

I can acquire a 2,000-acre lease in Ritchie County, West Virginia, held by production from one well, drilled in 1905. I can acquire a 100-acre lease with an affidavit of nonproduction from an individual who has owned...more

Midstream Contract Acreage Dedications at Risk

If you read one thing... - On Tuesday, Judge Shelley Chapman, the Southern District of New York Bankruptcy Judge in the Sabine Oil & Gas chapter 11 cases, noted she was “inclined” to permit the rejection of certain...more

Arbitrage and Investment Opportunities with Respect to Midstream Oil and Gas Assets

In the current price environment, highly leveraged exploration and production (E&P) companies facing liquidity-induced stress find themselves facing a dilemma. As borrowing-base cuts loom, capital markets remain tight and...more

"Oil and Gas Companies Utilize Restructuring Strategies to Navigate Industry in Flux"

Precipitous commodity price declines that began in mid-2014 continued to disrupt the oil and gas industry in 2015, outlasting the expectations of many analysts. By the end of 2015, prices for both Brent and WTI crude were...more

Legal Trends: Capital Markets

We expect economic conditions, including those discussed in our M&A Trends piece?, to continue to create opportunities in the M&A market. As well-positioned issuers pursue these opportunities, some acquirers will access the...more

North Dakota Supreme Court Announces a Test for the Paying Quantities Requirement

by Stinson Leonard Street on

In Fleck v. Missouri River Royalty Corp., the North Dakota Supreme Court outlined the test that should be used to determine whether a well is producing in paying quantities to satisfy the habendum clause. That test involves...more

"Oil and Gas Companies Brace for Fall Redeterminations"

For most of 2015, industry observers have predicted that depressed commodity prices will result in a surge in M&A activity among domestic exploration and production (E&P) companies, as well as a large number of bankruptcy...more

Commenters Weigh in on Proposed Regulations for Determining MLP Qualifying Income

by Latham & Watkins LLP on

IRS’ proposed MLP regulations generate flurry of specific industry-related comments and spur public hearing. “I’m mad as Hell, and, frankly, I’m not going to take it anymore.” — Paraphrase of concerned citizen and...more

Business Litigation Report - August 2015

Extradition for U.S. Antitrust Crimes: An Anomaly or the New Normal? - In April 2014, Germany extradited Romano Pisciotti, an Italian national, to the United States to face criminal charges related to his alleged...more

August 2015: Energy Litigation Update

Reserve Reports During the Oil Slump. The collapse of oil prices in the latter half of 2014 has led to SEC scrutiny of exploration and production (E&P) company compliance with rules regarding the calculation and reporting of...more

Sweeping Colorado Supreme Court Order Limits Lone Pine Approach

by Beveridge & Diamond PC on

The Colorado Supreme Court issued a sweeping ruling that will limit, if not eliminate, Lone Pine-style case management orders in Colorado toxic tort cases. See Antero Resources v. Strudley, 2015 BL 111122 (Colo. Apr. 20,...more

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