Just received my Sheridan September check. Grady Section 30 5N 5W. Wow! It’s down more than 1,000.00. Could this be a typo, or just restructuring? Anyone have any insights? Thank you!
A fairly steep decline is very normal on a horizontal well. Might be that or it might be nearby horizontal wells being hydraulically fractured. They may have shut in close wells to protect them. Could be a decline in prices or all three at the same time.
Continental just recently bought some if not all of Sheridan’s holdings in there according to an assignment and bill of sale filed in Grady County.
Do you know which sections they bought? Is there somewhere I could look up this information? I am interested in Section 10-5N-W5.
They did not buy anything in section 10 That section is currently being drilled by Camino
You can register, free of charge, at Idocmarket.com and look up Grady County. They will only charge if you print copies.
Todd M. Baker
I appreciate your response.
Yes! Thank you for the replies. I just found out the Sheridan has filed for bankruptcy. Has any one else heard this news or received a letter from Sheridan. I also heard Continental bought 2 of our wells, Caline and HolderA, that were operated by Sheridan. We have numerous other wells with Sheridan, so I’m not really sure what is going on? Does anyone else have any information on Sheridan? My calls have not been returned. Thank you in advance!
Anyone have any idea how a Sheridan bankruptcy would work? They have over a billion in debt. Where does that put an old well of mine that is still producing a little? Sheridan still holds the lease in several formations in Section 10, which is my section.
Looks like a lot of the debt is federal and county taxes.
IN general, your royalties are a protected class of assets. If they filed Chapter 11, that is one kind of bankruptcy that allows them to restructure their debt. If they filed Chapter 7, they will liquidate and someone will pick up the wells. Either way, the mineral owners usually get their royalties anyway if the wells keep producing. That is their most powerful asset.
Thank you Martha. We’ll continue to monitor what’s happening… I’ll probably have more questions!