Excerpt from Practical Guidance

Examining Bankruptcy Rights Under Oil And Gas Contracts

Law360, New York (May 26, 2015, 10:29 AM EDT) -- Bankruptcy law can have a significant impact on the status of a party's rights under oil and gas agreements, including oil and gas leases and joint operating agreements. Specifically, the treatment of oil and gas agreements pursuant to the Bankruptcy Code is based on precisely how such agreements are categorized under state law, meaning that an oil and gas lease could potentially, depending on the applicable state law, qualify as either evidence of an interest in real property that would be subject to assumption or rejection pursuant to Section 365 of the Bankruptcy Code or an unexpired lease that would be subject to assumption or rejection....

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