I do not believe this specific situation has been raised, pardon me if it has. I have received notice today that the producer of long standing oil rights has filed for Chapter 11. The mineral rights are within a large pooled series of tracts in Los Angeles county. Included with the notice from the bankruptcy court is a creditor's petition for payment. It seeks input as to what the producer owes me, I have no idea as I am unaware of what has been pumped, the sales price or the associated expenses. I am seeking advice on how to proceed or not proceed as the case may be.
Hi Lindsay.
In case you missed these, here are two recent articles written by trusted attorneys in the forum about thing sot think about.
PROTECTIONS FOR LAND AND MINERAL OWNERS IN OIL & GAS DOWNTURN
Thank you Elizabeth,these resources will be helpful to us.