I have a lease that is up for renewal this summer, there is no drilling or activity that will automatically renew the lease. So it appears a new lease will be necessary and lease payments. Anyone have any experience with a ch 11 lessor and upcoming lease issues?
As explained above, the bankruptcy will likely not change anything for people whose royalty interests are under production. For those whose properties are not under production, the company will likely wait until it is recapitalized after the bankruptcy to spend money on drilling. I never renew my leases until after the existing one has expired. Mainly, I want to see if some other company will offer me more. Also, this gives me an opportunity to get rid of problematic lease provisions my elderly late mother agreed to while she was managing the properties (I don’t fault my mother as we have all learned more as time has gone one - often from forums like this one). Good luck.
Petro Harvester/ Rockall is regrouping. They will be selling their assests in May now.
Assets will most likely include existing leases and drilling permits that are renewed.
Time will tell, but yeah, wait to do a lease once yours is expired is what i would do too. There could be interest from whomever buys Rockall or domeone else.
If you get on the Rockall website, it will give you the time line of the process and Auction date.
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