I received notice by mail today that Unit Petroleum has declared Chapter 11 bankruptcy. I hold a lease in Sec 11-05N-08W known as McConnell #1-11H.
I believe the actual vertical well is located in a different parcel, but via horizontal drilling has tapped the reservoir under our land.
Is anyone familiar with this situation? Plans to reorganize? Rights of mineral owners during bankruptcy of the operator?
If you look in the BLOGS area of the forum, you will find some very good posts about bankruptcies and what to expect. In OK, most mineral owners are considered a priority class and will continue to get paid if the wells are on production. (A bit odd right now with many wells shut in.)
We also own interests in Sec. 30-06N-07W, wells Earl 1-30H, Earl 2-30H, GB Ranch #1-30H, GB Ranch #2-30H, Rosey Havenstrite #1-30H, Rosey Havenstrite #2-30H. We have received notifications from the court in Houston about Proof of Claim. This is all new to us and are not sure what we have to do if anything. Our Lawyer in Chickasha does not work on bankruptcies and it is out of her jurisdiction. Can anybody let us know what we have to do and/or recommend a lawyer in the Southern District of Houston? We are worried because we did not know that the due date for proof of claims was today. We appreciate any assistance anybody would provide.
For most bankruptcies like this, the mineral owners do not need to submit claims as the operators are given permission to keep paying royalties. Go over to the NARO category and look under the bankruptcies topic and you will find notes on the UNIT bankruptcy.
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