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Oil & Gas Bankruptcies Represent Billions

by Elizabeth Alford on July 20, 2016

Bankruptcies continue to plague the oil and gas industry as we enter year 2 of the downturn.

Related: My producer filed bankruptcy…now what?

Since 2015, more than three-dozen North American oilfield service companies have filed for bankruptcy involving over $5.3 billion in secured and unsecured debt, according to the Haynes and Boone law firm. The firm tracks energy industry bankruptcies in North America and recently announced that 43 producers have filed bankruptcy since January. The combined secured and unsecured debt represented in these filings is approximately $44 billion.

Oil & Gas Bankruptcies Oil & Gas Bankruptcies

Below is a list of the companies who filed this year.

  • January
    • Aurora Operating LLC (Southern); $2.35 million
    • MOG Producing LP (Southern); $4.29 million
    • Antero Energy Partners LLC (Northern); $25.45 million
  • February
    • Emkey Resources LLC (Northern); $22.35 million
    • Ginger Oil Co. (Southern); $6.47 million
    • Argent Energy U.S. Holdings Inc. (Southern); $51.9 million
    • Primrose La Sara LLC (Southern); $4.3 million
    • DRM Sales & Supply LLC (Western); $19.18 million
  • March
    • GreenHunter Resources Inc. (Northern); $23.7 million
    • Universal Well Service Holdings Inc. (Northern); $25.15 million
    • Wellhead Distributors International (Southern); $31.7 million
    • RMR Operating LLC (Northern); $3.5 million
    • ESP Petrochemicals Inc. (Southern); $7.4 million
    • Wellflex Energy Solutions LLC (Northern); $3.9 million
    • DJ Oilfield Sevices LLC (Northern); $3.01 million
    • East African Drilling Ltd. (Southern); $45.35 million
    • Crossfire Manufacturing LLC (Northern); $653,600
    • 7711 Operating Company LLC (Northern); $532,500
  • April
    • ATK Oilfield Transportation Inc. (Western); $34.9 million
    • Sanjel Inc. (Western); $1.1 billion
    • Bluff Creek Production LLC (Western); $7.09 million
    • Hydrocarb Energy Corp. (Southern); $12.5 million
    • Aztec Oil & Gas Inc. (Southern); $1.5 million
    • Energy XXI Ltd. (Southern); $2.75 billion
    • DiamoNorthern District Tank Rental Inc. (Northern); $8.92 million
    • Goodrich Petroleum Corp. (Southern); $444.2 million
    • FPUSA LLC (Eastern); $2.3 million
    • Paladin Energy Corp. (Northern); $23.48 million
    • Trinity River Resources LP (Western); $133.8 million
    • West Texas Poly Pump LLC (Western); $3.7 million
    • Ultra Petroleum Corp. (Southern); $3.9 billion
    • Midstates Petroleum Company Inc. (Southern); $2.045 billion

Has your oil & gas producer filed bankruptcy? Learn how to protect yourself

  • May
    • CaNorthern Districtescent Well Service LLC (Western); $0
    • *Linn Energy LLC (Southern); $5.962 billion
    • *Berry Petroleum Company LLC (Southern); $1.733 billion
    • J P S Completion Fluids Inc. (Western); $4.49 million
    • SandRidge Energy Inc. (Southern); $4.19 billion
    • Hawk Oilfield Service Inc. (Southern); $1.2 million
    • Tall City Well Service LP (Western); $14.4 million
    • Ricochet Energy Inc. (Western); $11.35 million
    • Armada Water Assets Inc./Wes-Tex Vacuum Service Inc. (Southern); $24.9 million
    • Mark A. Martinez LLC (Southern); $0
    • Linc USA GP (Southern); $414.35 million
  • June
    • Warren Resources Inc. (Southern); $486.3 million

Read more at HaynesBoone.com

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New Ohio Law Favors Mineral Owners

by Elizabeth Alford on July 18, 2016

Ohio has made it easier for mineral owners to lease their land for oil and gas drilling.

Related: No Pooling for One Ohio Town

Last month, Governor John Kasich signed House Bill 390 into law, making it easier for Ohio landowners to lease their property that borders state-owned land.

The new law gives the Ohio Dept. of Natural Resources 45 days to pool Department Of Transportation (DOT) controlled land into units for oil and gas drilling. The law specifically impacts applications where a private mineral owner’s land abuts or adjoins the DOT’s mineral rights and/or when their applications constitute the entire pool and allows drillers up to two years to begin their drilling.

SECTION 715.10. For each application submitted under section 1509.28 of the Revised Code that encompasses a unit area for which all or a portion of the mineral rights are owned by the Department of Transportation and for which the Chief of the Division of Oil and Gas Resources Management has held a hearing before the effective date of this section, the Chief, not later than forty-five days after the effective date of this section, shall either issue an order denying or providing for the unit operation of a pool or part of a pool. However, the applicant is not required to commence any unit operations within twenty-four months of the effective date of any order issued in accordance with this section.

Read more at legislature.ohio.gov

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State Regulators Join Forces to Oppose Clean Air Act

July 14, 2016

State regulators from Texas North Dakota and Montana gathered in Washington last week to testify before a senate subcommittee about their concerns over the Clean Air Act. Related: EPA - Tougher Methane Emissions Approved Industry leaders and officials from oil and gas states have been critical of recent ruling by the Environmental Protection Agency that sets tougher […]

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Barnett Shale Mineral Owners Sue Chesapeake

July 11, 2016

Chesapeake Energy continues to battle legal issues as they face a new lawsuit brought by property owners in the Barnett Shale. Related:Chesapeake to Pay Record Royalty Settlement More than 30 North Texas businesses and individuals have filed lawsuit in the District Court of Dallas County claiming Chesapeake owes them millions of dollars in royalty payments. The lawsuit covers […]

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Happy Fourth!

July 4, 2016

Wishing you a safe and happy Independence Day!

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Verify Your Oil and Gas Production Volumes

June 30, 2016

Operators are required to report all oil and gas production from wells to the specific state’s regulating agency every month.  Click your state below to find out more information and to verify your oil and gas production volumes. If you’d like professional help in interpreting this data, or if you have special needs in this area, […]

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Oil & Gas Divestment Movement Growing

June 27, 2016

The University of Massachusetts adds its name to the growing list of organizations who are reject oil and gas investment. Related: Fracking Ban: A Disaster for Texas Universities The University of Massachusetts Foundation Board of Directors, voted unanimously in May to jettison the school’s fossil fuel assets totaling $5 million. This is the latest U.S. University to publicly cut […]

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Fracking Rule for Federal Lands Ruled Unlawful

June 23, 2016

A federal court has declared the fracking rule for federal lands is unlawful. Related:  New Fracking Rules for Public Lands  On Tuesday, U.S. District Judge Scott Skavdahl struck down the Obama administration’s attempt to regulate hydraulic fracturing on federal lands. Skaydahl said, “Congress has not delegated to the Department of Interior the authority to regulate hydraulic fracturing. The BLM’s effort to […]

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Chesapeake to Pay Record Royalty Settlement

June 22, 2016

Chesapeake Energy has settled hundreds of lawsuits in Texas where the company was accused of cheating property owners out of millions in natural gas royalties. Related: Fort Worth School District to Receive Royalties The city of Fort Worth has been in a battle with Chesapeake Energy since 2013, when it filed suit claiming the company […]

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Cooperative Management of Mineral Rights Act Moves Forward

June 20, 2016

Mineral owners won a small victory this week as the Cooperative Management of Mineral Rights Act of 2015 moved a step closer to becoming law. Related: Proposed Law Upholds Property Rights In a unanimous vote on Wednesday, the House Natural Resources Committee advanced House Resolution 3881. The legislation is authored by U.S. Rep. Glenn Thompson, R-Pa. […]

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