Without Bonds, Pisces Risks Loss Of Oil Leases: DOI

Law360, New York (December 15, 2009, 12:57 PM EST) -- The U.S. Department of the Interior's Minerals Management Service has objected to Pisces Energy LLC’s reorganization plan, claiming the bankrupt oil and gas company must guarantee that it can cover nearly $119 million in decommissioning costs at its Gulf of Mexico operations or risk losing certain leases.

In an objection filed Monday in the U.S. Bankruptcy Court for the Southern District of Texas, the MMS said that Pisces had failed to meet regulations that it hold surety bonds or government-backed securities to cover its decommissioning responsibilities,...
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