I am being flooded with legal notices regarding the PetroQuest bankruptcy. Meadows Oil & Gas took over my Hughes County interests, on behalf of PetroQuest, so I’m not sure if I’m affected by the filing. Do I need to respond to the notices? I’m just confused about why I’m receiving them since the leases were signed over to Meadows.
In my opinion, mineral owners do not need to worry about the bankruptcy notices unless you want to spin off and sue on your own. Minerals owners rights to the minerals stay intact and the companies that are in the lawsuit need those minerals in order to make money from production so we are secured creditors. If you stay in the lawsuit and it is resolved successfully (Chapter 11), then you will get some sort of payout (minus attorney fees which are usually substantial). If you spin off by yourself or others, you will have to deal with your own attorney fees. I get that paperwork all the time. I do keep it and keep an eye on the final findings and wait for the check.
Thanks, Martha. I guess I’m confused about action needed on my part to stay in the suit. I did receive a notice for the deadline of filing “Proofs of Claim”, but don’t feel like I have a claim since I’ve been paid by Meadows. If I do file the Proof of Claim, I must include a dollar amount for said claim, and have no idea what that would be. In your opinion, should I file for a claim, or just hold onto the documents?
You do not have to file anything. They already know about you already.