Ascent Resources files Chapter 11 bankruptcy
Monday, February 26, 2018
At the beginning of the month, Ascent Resources Marcellus Holdings LLC filed for Chapter 11 bankruptcy as part of a negotiated plan with lenders to reduce about $1 billion of debt and boost liquidity, according to Reuters.
The bankruptcy is for Ascent’s Marcellus assets, including development rights on 43,000 acres in West Virginia, but has no impact on Ascent’s Utica shale holdings in Ohio. The Marcellus and Utica assets are owned by entities with separate capital structures, according to the company.
Ascent is one of several energy companies that fracking pioneer Aubrey McClendon launched after he was ousted by Chesapeake Energy Corp. in 2013.
Learn more: Reuters > McClendon-founded Ascent Resources Marcellus files for Chapter 11 bankruptcy
Leave a Comment
Marcellus & Utica Shale Well Map
Additional Shale Maps
Shale FAQ
How often do royalty payments come?
Depending on the company, royalty payments can arrive monthly or quarterly.
Are my royalty payments transferable?
Yes. If you plan on selling your property, notify the gas company that is leasing your land and your realtor. They will make arrangements to allow the royalty payments to transfer to a different land owner.
What are royalties?
Royalties are payments from the gas company to the landowner as part of a lease agreement. Royalties payments cannot begin until production begins. The payments are dependent upon the market price of the resource.