Bankruptcy by driller

My driller, Triangle USA Petroleum, is in Chapter 11 bankruptcy. All but one of my cousins chose to lease, one cousin is non-consent, and I chose to participate. My reading of the documents sent me by, I believe, the bankruptcy court clerk, says I have nothing to do but sit back and wait. Royalties will continue to come as they have. At the same time, I've been sent a letter saying I should file a "proof of claim" if I think I'm owed anything. Does anyone have any experience with an oil driller going into Chapter 11, and is there anything me or my cousins should do to protect our interests?

Ed, an O&G lease can be described as a sale with the "possibility" of reversion.

From what I have been hearing about these bankrupt operators lessors have been getting paid so I wouldn't borrow trouble if I were in your cousins place.

Your interest which you never leased to the operator never belonged to them and they couldn't take out a mortgage on your acres. The same is not true of leased acres. Still, the new owner/s of leased acres should have to abide by the lease.

Check the blogs above. There is an excellent article by Wade Caldwell regarding bankruptcies.

Found it. Thanks. I'll give it a thorough read.

Thanks, Robert. I've also found the blog written by Wade Caldwell. Hopefully enough info to make valid decisions.