Rockdale Marcellus files for bankruptcy
Monday, September 27, 2021
Last Tuesday, Rockdale Marcellus Holdings LLC, a natural gas driller in northeastern Pennsylvania, filed for Chapter 11 bankruptcy protection in a federal bankruptcy court in Pittsburgh, according to Pittsburgh Business Times.
According to court filings, there are two related bankruptcy proceedings — Rockdale Marcellus Holdings and Rockdale Marcellus, which is owned by the holding company.
In its filing, Rockdale Marcellus Holdings estimated both assets and liabilities between $100,000 and $500 million with between 1,000 and 5,000 creditors.
Additionally, the company is asking the court for permission to sell all of its assets as part of its plan to either sell completely or have a standalone reorganization.
Learn more: Pittsburgh Business Times > Natural gas driller Rockdale Marcellus files for bankruptcy protection
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What are mineral rights?
Mineral rights are the rights of the owner of the property to mine or produce any resources below the surface of the property. Mineral rights are different from surface rights.
Will I get free natural gas if I allow fracking on my property?
Maybe. It depends on your particular lease agreement. Some companies allow property owners a yearly free gas allowance. But, the process of connecting your property to the gas source may be more complicated. Some companies will provide a hookup, others require the landowner to provide one.
Please explain how the Rockdale Marcellus bankruptcy will affect landowners of gas wells. Thanks!