CRC and Bankruptcy: I have several Kern County properties under lease to CRC as successor to many previous companies. These include producing leases as mineral interest owner and ORRI, as well as surface leases, and mineral interest leases in delayed rent status (no production). All are current and continue to pay. Any concern as to my status/standing in the bankruptcy proceedings, or do I have any standing? Thx.
If CRC continues to produce those mineral interests that are producing then they will pay you. This goes for both landowner royalty as well as ORRI. On the non-producing interests, I am uncertain what date is the day that they must accept or reject leases but, as you likely know, they can always quitclaim those back to you thus terminating them. I am monitoring their bankruptcy but am not actively involved. I believe that they are moving forward with confirming their reorganization plan this attempting to get out of bankruptcy as soon as practicable.
Hope this helps.
Thx for the advice. I will continue to follow their bankruptcy.
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