Sabine/formally NFR is going back and completing several wells that were drilled in 2010-2011. This week they reported the Swepco Deep Gas Unit 1-H over by the Pirkey Power Plant tested at over 11 million cubic feet per day. They presently have frac lines laid out from the frac pit by the Bartley #4 to a well further to the south. I am not sure what well it is.
Thats good news! But we have been hoping the pit would be used to drill Bartley #5 & #6.
Don't know the name of the well to the south.
Sabine (NFR) has completed the Woodley #5H in the Wm. Humphries Survey , A-299 (SE of Gill). It was tested,6-05-13, at 9.692 MMcfd on a 20/64 choke. The well was completed 5-22-13.
Any new info on Sabine? I see it is trading at 7 cents per share. Is it going to file for bankruptcy?
I have a gas well in Harrison County - what would NFR/Sabine going bankrupt or not meeting their obligations mean to the mineral owners of producing wells that they are already issuing royalty checks to ? Would they shut down the wells, lose them/tie them up in some way where we would not be paid ? Totally ignorant about a scenario like this...
If they do like samson (KKR) bankruptcy will still get checks but thru trustee. When it decided if has to liquidate will take couple of years before anything done..You might try to get released from lease via "non production" clause in your leases..but do it as a unit.
If they get right to reorganize then company will continue operating..and tho you might lose (put in limbo) any royalties up to that point ) they will have to keep current on any new obligations..you would get those royalties or they violate the reorg agreement .
but you again looking at a couple of years.
School districts are doing this all over..They vote in a bond issue claiming no tax increases to home owners ...then oil and gas rtaxes drop and wham! home owner's taxes go way up the next year.
Here we got a huge football stadium, a new superintendents office complex, turf on football field and new snack bar..not one thing on that bond went to classrooms or education. but home owners got a shock on their tax statements.
Long as concussion game of football is king here in East Tex home owners will bear the brunt of the costs.
Sabine has declared Chapter 11 bankruptcy.
Hi, Kathy. You're welcome. I think you are right about Samson.
Economics of CV gas and liquids will change eventually. At this point anyone with producing minerals under Sabine leases or operated units needs to organize a group of owners in the same unit and go see an experienced O&G attorney. If you can find one that has both O&G experience and bankruptcy that would be ideal but may be difficult depending on where you live. You might consider hiring one of each as both are quite specialized areas of the law. Doing nothing often turns out to the detriment of mineral lessors. If you want to protect your creditor status and place in line to get paid or to have your lease terminated it will require some action.
Kathy, Thanks for the information. I looked up the press release. Do you know where the referenced 3 Haynesville wells are located? Tom
Pinky Palmer attorney in Marshall has been effective communicating with Rockcliff and before that with Samson..You might contact him.