Dealing With Counterparty/Bankruptcy Risk in the Upstream Oil and Gas Industry

Presented by the IEL Oil & Gas Commitee

in Houston, Texas, USA

Downtown Club
1100 Caroline Street
Houston, TX 77002
Start time: 7:30 am

Walk-in registration will be available at the door. 

Past Event

Credits:MCLE Credit will be available


Breakfast CLE presented by the IEL Oil & Gas Committee

  • Start time: 7:30 am
  • CLE presentation: 8:00 am - 9:30 am


  • $25 - Regular Registration Fee
  • $0 - IEL Member (Advisory Board Member, Young Energy Professional Member or Supporting or Sustaining Member Employee)


  • Monica S. Blacker and Bruce J. Ruzinsky
    Jackson Walker, L.L.P.
  • Tye C. Hancock and Mitchell E. Ayer
    Thompson & Knight LLP

Download Bios

Texas CLE Credit

This program is approved by the State Bar of Texas for 1.5 hours, no ethics. Course ID Number: 901316426. A sign-in sheet will be available at registration.


  • Practices for Reducing Counterparty Risk (Pre-bankruptcy planning)
    • Perfecting Rights Relating to Oil and Gas Leases, JOAs
      - Operators’ Liens
      - Non-operators’ Liens
      - Protecting non-consent rights/penalties
    • Analyzing Rights Under JOAs or Other Operative Agreements
    • Obtaining and Recording Assignments of Interest, Related Issues
    • Other Credit Protections / Financial Accommodations
    • Producer’s Lien Statutes – Possible Traps
    • Dealing with Insolvent Contractors – Oil Well Lien Statutes
    • Preference Concerns in Connection with Perfecting Rights
    • Special Protections/ Safe Harbors – Farmouts, Forward Contracts, Production Payments
    • Risks Relating to Dealing with Insolvent Sellers, Purchase and Sale Agreements, Avoidance Risk
  • Post-bankruptcy Basics
    • Creditor (Secured or Unsecured) or Owner? Bankruptcy Priorities
    • Reclamation Rights and 503(b) Claims
    • Automatic Stay
      - Property of the Estate
      - Actions Stayed, Actions Not Stayed
    • Usage of Cash Collateral, DIP Financing
    • Executory Contracts/Leases
      - Character of Oil and Gas Leases
      - JOAs
      - Assumption/Rejection, Timing, Twilight Period
    • Proofs of Claim
      - Who must file claims/review of schedules
      - Claim Objections
    • Other Basic Bankruptcy Issues
      - Avoidance Actions
      - Assets Sales
      - Plan & Disclosure Statements

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