Hello, We have producing wells and 2 uncompleted in Williams Co. we did not receive a check this month and are wondering what this means for the future of our leases if they are insolvent? Thanks for any information-
Several items could be in play here.
-First, check your Division Order and see if your minimum payment is $100. It your previous payments were close to that number, then you may not have met that minimum in the last check. I usually set mine to $25 to get payments more frequently.
-There may have been a fracking unit close by and they shut in your wells to protect them while they fracked the other wells.
-The type of bankruptcy will be important. Chapter 11 is a reoganization and usually work goes along while everything is worked out with the debtors. Chapter 7 usually results in dissolution of the company. Assets are sold off. Frequently, another company buys the leases and business continues.
At this point, you just have to monitor the bankruptcy and follow any directions they send you.
Thanks much. Energy Link has also been a good resource to track what is being sold at market. Did hear back finally- they are 3 weeks behind payments but expect things to be back to normal soon while restructuring commences.
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