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Vanguard Natural Resources Bankruptcy Stipulation Filed

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BP America Production filed with the U.S. Bankruptcy Court a stipulation and agreed order resolving Vanguard Natural Resources’ motion for relief from the automatic stay.

The stipulation notes, “Subject to the terms of a confidential Letter Agreement between BP and Vanguard Operating LLC regarding wells drilled under Pooling Order 551292 and located in Sec. 08-03N- 12E, Pittsburgh County, Oklahoma that has been executed by the Parties concurrently with this Stipulation, the automatic stay under section 362 of the Bankruptcy Code, to the extent applicable, is modified to allow the following, effective immediately: a. Entry of the Orders in the forms attached as Exhibits ‘1’ through ‘7’ to this Stipulation (or as may be modified by the Commission), subject to specific terms separately agreed to by the Parties. b. The Commission’s issuance, clarification, amendment, and enforcement of any orders regulating the development and production of oil and gas activities with respect to drilling and spacing units, location exceptions, increase density and forced pooling orders under Okla. Stat. Ann. Tit. 52, section 87.1 through section 87.5 and the Rules and Regulations of the Oklahoma Corporation Commission promulgated thereunder (collectively, the ‘Regulatory Orders’), as they relate to the Property. c. The consideration by the Commission of any protests, objections and/or responses to any actions by any of the Debtors in the Proceeding seeking issuance, clarification, amendment, or enforcement of any Regulatory Orders relating to the Property. d. Any actions authorized or contemplated by the Regulatory Orders, including the submission to the Debtors of any authorization for expenditure or requests for elections with respect to the Property.”

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The post Vanguard Natural Resources Bankruptcy Stipulation Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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