Wade, thank you for your response to clarify what this means to Texans. What a relief!
To be sure I understand your reply: If a claim is foreclosed on in Texas then the contractor would come into possession of the CHK lease on the property (becoming the Lessee) and the contractor would be free to market that lease to an oil & gas exploration company or anyone interested in buying it in order to recover their money for services rendered to CHK. Correct?
Wade Caldwell said:
It depends on the wording of your state's lien statue. In Texas, the owners are not responsible for the lien debt. All that can happen in Texas is they could foreclose the lien against CHK's lease interest. We have had to file liens due to CHK's non-payment of contractors, but they seem to have gotten better about paying. None got to the lien foreclosure stage.