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Bennett Jones LLP

Spartan Delta Appeal Raises Uncertainty for Co-Lessees After Insolvency

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Years after an insolvency proceeding is closed, can a solvent co-lessee/working interest participant (WIP) still be on the hook for their former partner’s share of unpaid Crown royalties? A recent Alberta Court of Appeal...more

Patterson Belknap Webb & Tyler LLP

Equitable Mootness Applied Again: The Fifth Circuit Refuses to Hear an Appeal

Patterson Belknap Webb & Tyler LLP on

The Fifth Circuit recently dismissed an appeal of a confirmation order as equitably moot. The decision was based on three key factors: the appellant hadn’t obtained a stay pending appeal, the plan had been substantially...more

Jackson Walker

“Parties’ Words Matter” – New Houston Bankruptcy Court Decision in Chesapeake-ETC Dispute Provides Alternative Paths for...

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Over the past five years, bankruptcy courts have analyzed whether oil and gas producers’ contracts with midstream oil, gas, and produced water companies may be rejected if they create covenants running with the land. Through...more

Jones Day

Oil and Gas Industry Update - Sabine Oil Not the Last Word on Treatment of Gathering Agreements in Bankruptcy

Jones Day on

In a leading precedent handed down in 2018—Sabine Oil & Gas Corp. v. Nordheim Eagle Ford Gathering, LLC (In re Sabine Oil & Gas Corp.), 734 Fed. Appx. 64 (2d Cir. May 25, 2018)—the U.S. Court of Appeals for the Second Circuit...more

Skadden, Arps, Slate, Meagher & Flom LLP

A Look at 2019 Court Decisions That May Shape Restructuring Issues in the Year Ahead

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A series of decisions over the past year — on issues such as make-whole premiums, intercreditor agreements, backstops for rights offerings and nonconsensual third-party releases — will likely have a significant impact in 2020...more

King & Spalding

Bankruptcy Court Rules that Dedications Within Gathering Agreements "Run with the Land”

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On December 20, 2019, the Bankruptcy Court for the Southern District of Texas in Alta Mesa Holdings, LP v. Kingfisher Midstream, LLC (In re Alta Mesa Resources, Inc.) held that dedications in gathering agreements create...more

King & Spalding

Second Circuit Affirms Debtors’ Ability to Reject Gathering Agreements in Bankruptcy Cases

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On May 25, 2018, the United States Court of Appeals for the Second Circuit (the “Court”) affirmed a district court’s affirmance of a bankruptcy court’s decision in In re Sabine Oil & Gas Corp. that permitted a debtor to...more

King & Spalding

Third Circuit Rejects Unsecured Oil Producers’ Claims of Automatic Perfection

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On July 19, 2017, the U.S. Court of Appeals for the Third Circuit (the “Court”) issued an opinion, upholding a district court’s ruling that downstream purchasers took oil purchased from a bankrupt intermediary, SemGroup L.P....more

King & Spalding

Midstream Contracts Remain in Doubt in Bankruptcy

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By now, both producers and midstream companies are aware of the Bankruptcy Court decisions in the Sabine bankruptcy proceedings (i) rejecting the gas gathering agreements as executory contracts and (ii) determining that the...more

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