Samson Bankruptcy Claim Form

Below is a link to a article about Samsons Chief Offcier Randy Limbacher resigning!

Recieved a claim form today in the mail about Samsons Bankrupty. It's currently at our lawyers office for him to review. Anyone else receive these papers?

Samson Resources Corp's chief executive officer plans to resign, a lawyer for the bankrupt oil and gas producer told a judge on Thursday, adding that the company's six-week-old restructuring deal is in peril due to tumbling natural gas prices.

CEO Randy Limbacher will continue in his role until December to smooth the transition, said Joshua Sussberg, Samson's lawyer.

Sussberg said the continuing dive in commodity prices has unraveled the company's restructuring support agreement, or RSA, struck just before it entered bankruptcy. He said the company and lenders were negotiating for new terms to refinance.

"The initial RSA can be terminated at any moment," said Sussberg. He said milestones in the deal had not been met.

"As of yesterday, the spot price for gas was down 30 percent from commencement of this case," he said.

Read more at Reutershttp://www.reuters.com/article/2015/10/29/samsonresources-bankruptcy-idUSL1N12T2BU20151029#BxUoxUj0V7dLhIQB.99

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Permalink Reply by Gale on October 31, 2015 at 3:37
Kathy,

Do you plan to file a claim with Samsons? For some time now we have been trying to gather information from TRRC about production. Samson is as much as 90 days behind on reports and the checks do not coincide with what is reported. Some months there is a lot more production reported than the checks show and maybe 2 or 3 months later it's vice versa. Right now our attorney is saying because we cannot get a actual figure based on Samson's shotty reporting system he wants us to file a figure well above what we believe it to be. I do have another attorney who will be looking at this as well and am waiting for his opinion on this. Fortunate for me that I have numerous relatives that are attorneys at this point.
Just wonder if anyone else is planning to file a claim as well.
Permalink Reply by Gale on October 31, 2015 at 3:55
Btw Kathy, we are all on direct deposit.
Permalink Reply by Gale on November 1, 2015 at 16:42
In our first discussion with my cousin ( who is an attorney) he's advising us to file a claim. Said if we don't we will not have a leg to stand on. That was Friday and waiting to hear from the Bankruptcy attorney at this time. From what I understand, Samson is indicating they expect to be out of the bankruptcy fully recovered by years end. I do believe we have not received payments due us and not sure I'm willing to just walk away from that so easy.
Being able to renegotiate the lease would be great, but with the current prices it put the royalty owners in a very bad place. I guess all we can do it wait it out and see.
Good luck to you and your family.
Permalink Reply by Gale on November 1, 2015 at 17:43
I don't expect this to be a lawsuit and nothing may ever come of it. It's a claim and will have to be addressed under the bankruptcy before Samson can come out of bankruptcy.
I fought Chevron on my own and got them to settle. Took me like 6-7 months but it happened and turned out to be way more money than I could have ever imagined. Fortunately for the 6 other family members in our lease their checks arrived as well along with a very nice interest check.

landownerPermalink Reply by MJC on November 6, 2015 at 7:57

We just received a "notice of deadlines for filing claims" from Samson regarding the bankruptcy. Section 3 titled "Parties who do NOT need to file a claim" paragraph C states- any entity whose claim has previously been allowed by order of the court; does NOT need to file. However, if the bankruptcy goes back to court I suppose this could be changed. I know Samson requested royalty payments to continue and I am still receiving checks. I do not know if there are any discrepancies in our payments vs. actual well production. Long story short, should we file a claim just for the sake of filing? Would filing insure continuation of royalty payments if the bankruptcy terms change?

Permalink Reply by Gale on November 7, 2015 at 12:54
We have been advised by 3 attorneys to file a claim. 2 of the attorneys do bankruptcy with one of them being that's all he does. We are filing a specific way to cover ourself in the future. I suggest you consult an attorney before deciding not to file. Or if you want to email me privately I will share what my attorney has us doing.
Permalink Reply by JKB on November 18, 2015 at 10:29

Sending request to you for info on this topic.  Thank you,

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