Let’s proceed directly to the takeaways from Fort Apache Energy, Inc. v. Short OG III, Ltd., et al, a Southern District of Texas bankruptcy court opinion. (Gray Reed partners Jim Ormiston and David Leonard represented Short...more
If you are a royalty owner and have questions about how your claim is likely to be treated when your lessee/operator goes into bankruptcy in Delaware, In re MTE Holdings LLC is a significant case....more
According to the U.S. Energy Information Administration (EIA), the United States (U.S.) regular gasoline retail price as of the Monday before Labor Day fell to $2.22 per gallon this year, the lowest level for this time of...more
Is a midstream contract treated the same as other executory contracts in bankruptcy, subject to assumption and rejection pursuant to the US Bankruptcy Code? An executory contract is any contract of the debtor where both the...more
Following the success of our three-part webinar series produced together with Houlihan Lokey in Spring 2020, we have developed reports summarizing how companies and investors can better navigate distress and insolvency in the...more
The Fourteenth Court of Appeals in Houston recently issued an opinion that will have profound impacts on mineral liens and contractual provisions purporting to waive mineral liens. The question of whether or not a pre-work...more
Concerns Raised by Sabine - The seminal decisions in Sabine Oil & Gas Corp. v. Nordheim Eagle Ford Gathering, LLC provided guidance on whether midstream and transportation providers can rely on the contractual dedications...more
When you prepare, review and/or sign settlement agreements you sometimes pay less attention than you should to the details of those “standard” releases! Acme Energy Services, d/b/a Big Dog Drilling v. Staley et al. says,...more
On March 9, 2016, Bankruptcy Judge Shelley Chapman of the Southern District of New York issued her decision on the Debtor’s motion to reject certain contracts in Sabine Oil & Gas Corporation’s Chapter 11 case. The decision,...more
Although almost eight years have lapsed since the chapter 11 cases of Tulsa, Oklahoma-based SemCrude L.P. were confirmed, many of the issues at the forefront of those cases are re-emerging in light of the recent uptick in oil...more
Bankruptcy Court reinforces importance of parties’ intent in determining the nature of overriding royalty interests under state law. On April 2, 2015, the United States Bankruptcy Court for the District of Delaware...more
Great Plains Royalty Corp. v. Earl Schwartz Co. (In re Great Plains Royalty Corp.), 520 B.R. 292 (Bankr. D. N.D. 2014) – Two companies that acquired assets in a bankruptcy auction moved to reopen the case to clarify...more
Agri Star Meat & Poultry, LLC v. Nevel Properties Corp. (In re Nevel Properties Corp.), 765 F.3d 846 (8th Cir. 2014) – The purchaser of assets from one bankruptcy debtor objected to the plan of reorganization filed by...more