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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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.
Please explain how the Rockdale Marcellus bankruptcy will affect landowners of gas wells. Thanks!