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    Oil and Gas Industry Update: District Court Upholds Rejection of Sabine Gas Gathering Agreements
    2017-05-31

    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 District of New York affirmed 2016 bankruptcy court rulings authorizing chapter 11 debtor Sabine Oil & Gas Corp. ("Sabine") to reject certain gas gathering and handling agreements.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Jones Day, United States bankruptcy court
    Authors:
    Paul M. Green
    Location:
    USA
    Firm:
    Jones Day
    New Delaware Chapter 11 Filing - Nuverra Environmental Solutions
    2017-05-01

    Nuverra Environmental Solutions, Inc. (OTCQB: NESC), one of the largest environmental solutions companies focused on the development and ongoing production of oil and natural gas in the United States, and 13 of its affiliates, have filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware (Lead Case No. 17-10949).

    Filed under:
    USA, Delaware, Energy & Natural Resources, Insolvency & Restructuring, Cole Schotz PC, Bankruptcy, Secured loan, US District Court for District of Delaware
    Location:
    USA
    Firm:
    Cole Schotz PC
    New Delaware Chapter 11 Filing - Adams Resources Exploration Company
    2017-04-21

    Adams Resources Exploration Company, an oil and gas exploration and production company based in Houston, Texas, has filed a voluntary petition for relief under Chapter 11 under Chapter 11 in the United States Bankruptcy Court for the District of Delaware (Case No. 17-0866-KG).

    Filed under:
    USA, Delaware, Energy & Natural Resources, Insolvency & Restructuring, Cole Schotz PC, United States bankruptcy court, US District Court for District of Delaware
    Location:
    USA
    Firm:
    Cole Schotz PC
    SDNY District Court Upholds Rejection of Mineral Gathering Agreements
    2017-04-25

    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 for the Southern District of New York, finding that certain mineral gathering agreements could be rejected as executory contracts pursuant to 11 U.S.C. § 365(a).

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, LeClairRyan, Debtor, US Code, United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    Travis Powers
    Location:
    USA
    Firm:
    LeClairRyan
    Drain the swamp, not the Gulf
    2017-04-17

    It's time to make offshore operations great again

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Foley & Lardner LLP, Waiver, Federal Register, Government Accountability Office, Freedom of Information Act (1967) (USA)
    Authors:
    John P. Melko
    Location:
    USA
    Firm:
    Foley & Lardner LLP
    Are Oil, Gas Producers Hedging?
    2017-04-04

    With the price of crude oil dropping in November 2014, many are asking if oil and gas producers are hedging at the current price levels. The following is a survey of the 30 largest public oil and gas producers and their hedging activities as disclosed in their Dec. 31, 2016 10-K filings.

    The following survey provides as much information as possible based on what was disclosed in the filings. U.S. GAAP accounting rules form the minimum disclosures companies must provide in their filings to provide users with an understanding of:

    Filed under:
    USA, Derivatives, Energy & Natural Resources, Insolvency & Restructuring, Opportune LLP, Natural gas
    Location:
    USA
    Firm:
    Opportune LLP
    District Court Upholds Controversial Bankruptcy Decision in Sabine
    2017-03-16

    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 that Sabine Oil & Gas Corp., an upstream oil and gas producer, could reject a number of its gathering contracts with midstream energy companies.

    Filed under:
    USA, New York, Texas, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Eversheds Sutherland (US) LLP, United States bankruptcy court
    Authors:
    Mark D. Sherrill , Stephany Olsen LeGrand
    Location:
    USA
    Firm:
    Eversheds Sutherland (US) LLP
    OFAC Takes Sanctions Jurisdiction Into Uncharted Waters
    2017-03-09

    On Feb. 3, 2017, the US Treasury Department’s Office of Foreign Assets Control issued a finding of violation against Taiwan-based B Whale Corp. (BWC), a member of Taiwan-based shipping company TMT Group, for activity occurring entirely outside the United States, based on the jurisdictional finding that “BWC was a US person ...

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Trade & Customs, Steptoe LLP, Office of Foreign Assets Control (USA)
    Authors:
    Filiberto Agusti , Edward J. Krauland , Peter Edward Jeydel
    Location:
    USA
    Firm:
    Steptoe LLP
    Royalty Motion Best Practices: The Lease Operating Expense (“LOE”) Dilemma
    2017-03-09

    The Royalty Motion, or the Oil & Gas Obligations Motion, is a critical filing for exploration and production companies entering a Chapter 11 Restructuring. This Motion requests permission for the Debtor to pay outstanding pre-petition obligations for the following oil and gas industry-specific expenses: royalty and working interest obligations, joint interest billings, transportation costs, lease/land rights maintenance costs, and in s

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Opportune LLP
    Location:
    USA
    Firm:
    Opportune LLP
    Can’t Hide Behind the Veil (When It isn’t Pierced): Court Denies Bankrupt LLC Member’s Attempt to Use the Automatic Stay to Shield Himself from Litigation
    2017-02-23

    The oil and gas crisis produced yet another curious set of circumstances and a decision addressing the applicability of the automatic stay to an action against a principal of the debtor. In Luppino v. York, Case No. 16-00409-XR (W.D. Tex. Dec. 8, 2016) (D.I.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP

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