Law360, New York (June 25, 2015, 10:48 AM EDT) -- Over the past several months, the economics of the oil and gas industry have changed dramatically. As oil and gas prices have fallen, so too have profit margins and working capital. Many companies will weather this storm and continue business as usual. A fortunate few will expand their positions and acquire additional assets, some of which will be purchased from distressed companies. Dealing with distressed companies and their assets will require landmen and other oil and gas industry professionals to have a working knowledge of certain bankruptcy-related laws and concepts to protect their company's interests. In this article, we will discuss two often confused provisions of bankruptcy law potentially impacting relationships with distressed companies: fraudulent transfers and preferences....