1284-4.pdf
Post on 12-Apr-2015
15 Views
Preview:
DESCRIPTION
TRANSCRIPT
630273 Page 1
UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF LOUISIANA
NEW ORLEANS, LOUISIANA
In re: § Chapter 11 § VIRGIN OIL COMPANY, INC. § Case No. 09-11899 § Debtor. § Section “A” ******************************** CIT CAPITAL USA, INC., and OFFICIAL COMMITTEE OF UNSECURED CREDITORS Plaintiffs v. VIRGIN OIL COMPANY, INC. ET AL Defendants
ADV. NO. 10-01068
CONSENT JUDGMENT
This matter having been brought before this Court pursuant to the Stipulation for Entry of
Consent Judgment (ECF No. 294), and the Court having determined that: (i) the relief sought in
this Consent Judgment is in the best interests of the parties identified below, the Debtor,1 its
estate, and creditors; (ii) that no other or further notice of this Consent Judgment need be
provided; and (iii) that sufficient cause exists for entry of this Consent Judgment, it is hereby:
ORDERED, ADJUDGED, AND DECREED THAT:
1. Ownership of all rights in the Empire Lease is divided between the Debtor and
Offshore in the following proportions:
(a) the Debtor owns an 85% interest in the Empire Lease; and
1 Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Second
Amended Chapter 11 Plan of Reorganization Filed by the Official Committee of Unsecured Creditors and CIT Capital USA, Inc., as of August 26, 2011 (such document, including all subsequent amendments and modifications thereto, the “Plan,”).
Case 10-01068 Doc 295 Filed 02/24/12 Entered 02/24/12 10:53:50 Main Document Page 1 of 8
Case 09-11899 Doc 1284-4 Filed 11/09/12 Entered 11/09/12 14:47:58 Ex. C to Memoranum in Support Page 1 of 8
630273 Page 2
(b) Offshore owns a 15% interest in the Empire Lease.
2. The liens granted to CIT under the Plan shall encumber the full 85% working
interest in the Empire Lease owned by the Debtor, subject however to the terms of the Plan set
forth in section 5.18 thereof, regarding the right of Offshore to receive distributions in excess of
its 15% interest.
3. As of entry of the Partial Order (ECF No. 215) in the above-captioned adversary
proceeding dated March 16, 2011 (the “Partial Order”), and for the purpose of resolving certain
disputes between the Debtor and Offshore relating to the rejection of the Empire Lease joint
operating agreement (the “Empire JOA”), the Debtor is recognized as the operator of the Empire
Lease.
4. The Debtor and/or the Plan Trust, as applicable, shall be substituted as the
operator of record for the Empire Lease with the State of Louisiana. The Debtor, Plan Trust,
and/or Plan Trustee are hereby authorized to take all actions necessary or appropriate to
implement, effectuate, and consummate any and all documents and transactions that may be
necessary in order to substitute the Debtor and/or the Plan Trust as the operator of record for the
Empire Lease.
5. Within thirty (30) days after the Plan’s Effective Date, the funds within the
Empire Escrow (the “Empire Escrow Funds”) shall be distributed as follows:
(a) 85% of the Empire Escrow Funds shall be distributed to the Plan Trust; and
(b) 15% of the Empire Escrow Funds shall be distributed to Offshore.
6. Offshore shall use 80% of the Empire Escrow Funds that it receives in order to
satisfy both: (i) any liens against the Empire Lease that have been properly perfected, enforced,
maintained in accordance with La. R.S. 9:4861, et seq., and recognized by a final, non-
Case 10-01068 Doc 295 Filed 02/24/12 Entered 02/24/12 10:53:50 Main Document Page 2 of 8
Case 09-11899 Doc 1284-4 Filed 11/09/12 Entered 11/09/12 14:47:58 Ex. C to Memoranum in Support Page 2 of 8
630273 Page 3
appealable Court order in adversary proceeding No. 11-01111, currently pending in the United
States Bankruptcy Court for the Eastern District of Louisiana (the “Offshore Adversary”); and
(ii) any valid pre-petition judgment liens against the Empire Lease and any wells therein, which
have been recognized by a final, non-appealable order in the Offshore Adversary (collectively,
the “Recognized Liens”). Any payments made by Offshore in satisfaction of Recognized Liens
shall be allocated pro-rata, among all Recognized Lienholders or as otherwise ordered by the
Court.
7. The Debtor and Plan Trust waive any right to pursue Offshore for collection of
the $803,705.00 debt that was referenced in the Partial Order. Upon entry of this Consent
Judgment, the $803,705.00 debt referenced in the Partial Order shall be deemed released and
satisfied.
8. The Debtor waives any and all of its rights to pursue any other claims against
Offshore relating to the Empire JOA or ownership of the Empire Lease, to the extent that such
claims arose prior to the Effective Date.
9. This Court shall retain jurisdiction to hear and determine all matters arising from,
or relating to, the implementation or interpretation of this Consent Order.
New Orleans, La., February 23, 2012
_______________________________________ THE HONORABLE ELIZABETH W. MAGNER UNITED STATES BANKRUPTCY JUDGE
Case 10-01068 Doc 295 Filed 02/24/12 Entered 02/24/12 10:53:50 Main Document Page 3 of 8
Case 09-11899 Doc 1284-4 Filed 11/09/12 Entered 11/09/12 14:47:58 Ex. C to Memoranum in Support Page 3 of 8
630273 Page 4
Seen and Agreed as to Form and Substance: CIT CAPITAL USA, INC. /s/ Brent R. McIlwain Brent R. McIlwain (Texas State Bar No. 24013140) PATTON BOGGS, LLP 2000 McKinney Ave, Suite 1700 Dallas, Texas 75201 bmcilwain@pattonboggs.com David F. Waguespack (LA State Bar No. 21121) CARVER, DARDEN, KORETZKY, TESSIER, FINN, BLOSSMAN & AREAUX, LLC 1100 Poydras Street, Suite 3100 New Orleans, Louisiana 70163 waguespack@carverdarden.com Counsel to CIT Capital USA Inc.
VIRGIN OFFSHORE U.S.A., INC. /s/ Louis M. Phillips Louis M. Phillips (La. Bar No. 10505) Armistead M. Long (La. Bar No. 33494) Rick M. Shelby (La. Bar No. 31965) GORDON, ARATA, McCOLLAM, DUPLANTIS & EAGAN, LLC One American Place 301 Main Street, Suite 1600 Baton Rouge, LA 70801-1916 lphillips@gordonarata.com along@gordonarata.com pshelby@gordonarata.com Counsel to Gerald H. Schiff, Chapter 11 Trustee for the Bankruptcy Estate of Virgin Offshore U.S.A., Inc.
VIRGIN OIL COMPANY, INC. /s/ Leo D. Congeni Leo D. Congeni 424 Gravier Street New Orleans, LA 70130 Leocongeni@bellsouth.net Counsel to Virgin Oil Company, Inc.
ACTION OILFIELD SERVICES, INC. /s/ J. Marston Fowler J. Marston Fowler Law Office of J. Marston Fowler 212 Laurel Street Baton Rouge, LA 70801 marston@jmfowlerlaw.com Counsel to Action Oilfield Services, Inc.
DYNAMIC ENERGY SERVICES, LLC /s/ Michael A. Crawford Michael A. Crawford Taylor Porter Brooks & Phillips LLP 451 Florida Street 8th Floor Bank One Centre Baton Rouge, LA 70801 Mike.crawford@taylorporter.com Counsel to Dynamic Energy Services, LLC
FRANK’S CASING CREW & RENTAL TOOLS, INC. /s/ Bruce Coulombe Bruce Coulombe Frank’s Casing Crew & Rental Tools, Inc. 700 E. Verot School Road Lafayette, LA 70508 bruce.coulombe@frankscasing.com Counsel to Frank’s Casing Crew & Rental Tools, Inc
GLOBAL VESSEL & TANK, LLC /s/ Dennis J. Vidrine Dennis J. Vidrine Vidrine & Vidrine 711 West Pinhook Lafayette, LA 70503 dennisv@vidrinelaw.com Counsel to Global Vessel & Tank, LLC
HALLIBURTON ENERGY SERVICES, INC. /s/ Jeffrey Dayne Carruth Jeffrey Dayne Carruth Weycer Kaplan Pulaski Zuber 3030 Matlock Road Arlington, TX 76015 jcarruth@wkpz.com Counsel to Halliburton Energy Services, Inc.
Case 10-01068 Doc 295 Filed 02/24/12 Entered 02/24/12 10:53:50 Main Document Page 4 of 8
Case 09-11899 Doc 1284-4 Filed 11/09/12 Entered 11/09/12 14:47:58 Ex. C to Memoranum in Support Page 4 of 8
630273 Page 5
HB RENTALS, LLC /s/ Mark Mintz Mark Mintz Jones Walker, et al 201 St. Charles Street 49th Floor New Orleans, LA 70170 mmintz@joneswalker.com Counsel to HB Rentals, LLC
HELIS OIL & GAS COMPANY, LLC /s/ J. David Forsyth J. David Forsyth Sessions, Fishman & Nathan, LLP 201 St. Charles Avenue New Orleans, LA 70170 jdf@sessions-law.com Counsel to Helis Oil & Gas Company, LLC
INDUSTRIAL & OILFIELD SERVICES, INC. /s/ Jacque B. Pucheu, Jr. Jacque B. Pucheu, Jr. Pucheu, Pucheu & Robinson, LLP 106 Park Avenue Eunice, LA 70535 Jacque@pprlaw.com Counsel to Industrial & Oilfield Services, Inc.
INDUSTRIAL LIFT TRUCK & EQUIPMENT CO. /s/ J. Eric Lockridge J. Eric Lockridge Kean Miller P.O. Box 3513 Baton Rouge, LA 70821-3513 Eric.lockridge@keanmiller.com Counsel to Industrial Lift Truck & Equipment Co.
INTRACOASTAL LIQUID MUD, INC. /s/ Ted M. Anthony Ted M. Anthony Babineaux, Poché, Anthony & Slavich L.L.C. P.O. Box 52169 Lafayette, LA 70505 tanthony@bpasfirm.com Counsel to Intracoastal Liquid Mud, Inc.
KEY ENERGY SERVICES, INC. /s/ Carl Dore’ Jr. Carl Dore’ Jr. Dore’ Mahoney Law Group, P.C. 17171 Park Row Suite 350 Houston, TX 77084 carldore@doreassociates.com Counsel to Key Energy Services, Inc.
NATIONAL OILWELL VARCO /s/ Jeffrey M. Burmaster Jeffrey M. Burmaster King, Krebs & Jurgens, PLLC 201 St. Charles Avenue, 45th Floor New Orleans, LA 70170 gjurgens@kingkrebs.com Counsel to National Oilwell Varco
NEWPARK ENVIRONMENTAL SERVICES, LLC /s/ Carl Dore’ Jr. Carl Dore’ Jr. Dore’ Mahoney Law Group, P.C. 17171 Park Row Suite 350 Houston, TX 77084 carldore@doreassociates.com Counsel to Newpark Environmental Services, LLC
NEWPARK MATS & INTEGRATED SERVICES, LLC /s/ Carl Dore’ Jr. Carl Dore’ Jr. Dore’ Mahoney Law Group, P.C. 17171 Park Row, Suite 350 Houston, TX 77084 carldore@doreassociates.com Counsel to Newpark Mats & Integrated Services, LLC
NITRO LIFT TECHNOLOGIES, LLC /s/ Charlie Joubert Charlie Joubert Nitro Lift Technologies, LLC 226 Princeton Woods Loop Lafayette, LA 70508 charliejoubert@lambservices.com
Case 10-01068 Doc 295 Filed 02/24/12 Entered 02/24/12 10:53:50 Main Document Page 5 of 8
Case 09-11899 Doc 1284-4 Filed 11/09/12 Entered 11/09/12 14:47:58 Ex. C to Memoranum in Support Page 5 of 8
630273 Page 6
OFFICIAL COMMITTEE OF UNSECURED CREDITORS /s/ Benjamin W. Kadden Stewart F. Peck Benjamin Kadden Lugenbuhl, Wheaton, Peck, Rankin & Hubbard 601 Poydras Street Suite 2775 New Orleans, LA 70130 bkadden@lawla.com Counsel to the Official Committee of Unsecured Creditors
PRECISION DRILLING COMPANY, LP (f/k/a Grey Wolf Drilling Company, LP) /s/ H. Kent Aguillard H. Kent Aguillard Young, Hoychick, and Aguillard P.O. Drawer 391 Eunice, LA 70535-0391 kaguillard@yhalaw.com Counsel to Precision Drilling Company, LP, fka Grey Wolf Drilling Company, LP
PRECISION DRILLING HOLDINGS COMPANY, LP (a/k/a Grey Wolf Holdings Company) /s/ H. Kent Aguillard H. Kent Aguillard Young, Hoychick, and Aguillard P.O. Drawer 391 Eunice, LA 70535-0391 kaguillard@yhalaw.com Counsel to Precision Drilling Holdings Company, aka Grey Wolf Holdings Company
QUALITY ENERGY SERVICES, INC. /s/ Stanwood R. Duval Stanwood R. Duval 101 Wilson Avenue P.O. Box 3017 Houma, LA 70361 stan@duvallawfirm.com Counsel to Quality Energy Services, Inc.
RANGER SPECIALTY SUPPLY & CONTROL SYSTEMS, LLC /s/ Steven G. Durio Steven G. Durio Durio, McGoffin, Stagg & Ackerman 220 Heymann Boulevard 70503 PO Box 51308 Lafayette, LA 70508 durio@dmsfirm.com Counsel to Ranger Specialty Supply & Control Systems, LLC
SOONER PIPE, LLC /s/ Frederick L. Bunol Frederick L. Bunol The Derbes Law Firm, L.L.C. 3027 Ridgelake Drive Metairie, LA 70002 fbunol@derbeslaw.com Counsel to Sooner Pipe, LLC
SPECIALTY RENTAL TOOLS & SUPPLY, LLC /s/ Frederick L. Bunol Frederick L. Bunol The Derbes Law Firm, L.L.C. 3027 Ridgelake Drive Metairie, LA 70002 fbunol@derbeslaw.com Counsel to Specialty Rental Tools & Supply, LLC
SPIRIT COMPLETION FLUIDS, LTD /s/ Jeffrey M. Burmaster Jeffrey M. Burmaster King, Krebs & Jurgens, PLLC 201 St. Charles Avenue, 45th Floor New Orleans, LA 70170 gjurgens@kingkrebs.com Counsel to Spirit Completion Fluids, Ltd
Case 10-01068 Doc 295 Filed 02/24/12 Entered 02/24/12 10:53:50 Main Document Page 6 of 8
Case 09-11899 Doc 1284-4 Filed 11/09/12 Entered 11/09/12 14:47:58 Ex. C to Memoranum in Support Page 6 of 8
630273 Page 7
SPIRIT DRILLING FLUIDS, LIMITED PARTNERSHIP /s/ Jeffrey M. Burmaster Jeffrey M. Burmaster King, Krebs & Jurgens, PLLC 201 St. Charles Avenue, 45th Floor New Orleans, LA 70170 gjurgens@kingkrebs.com Counsel to Spirit Drilling Fluids, Limited Partnership
STOKES & SPIEHLER OFFSHORE, INC. /s/ Raymond A. Beyt Raymond A. Beyt Beyt & Beyt, PC 700 East University Avenue P.O. Box 52157 Lafayette, LA 70505 rab@beytlaw.com Counsel to Stokes & Spiehler Offshore, Inc.
SUPERIOR ENERGY SERVICES, LLC /s/ Mark Mintz Mark Mintz Jones Walker, et al 201 St. Charles Street 49th Floor New Orleans, LA 70170 mmintz@joneswalker.com Counsel to Superior Energy Services, LLC
TALEN’S FUEL & MARINE, LLC /s/ Ron Mattingly Ron Mattingly, CFO P.O. Box 899 Jennings, LA 70546
TANNER SERVICES, LLC /s/ Jacque B. Pucheu, Jr. Jacque B. Pucheu, Jr. Pucheu, Pucheu & Robinson, LLP 106 Park Avenue Eunice, LA 70535 Jacque@pprlaw.com Counsel to Tanner Services, LLC
TESCO SERVICES, INC. /s/ Thomas Joseph Smith Thomas Joseph Smith Galloway, Johnson, Thompkins, Burr & Smith 1301 McKinney, Suite 1400 Houston, TX 77010 tsmith@gjtbs.com Counsel to Tesco Services, Inc.
WEATHERFORD INTERNATIONAL, INC /s/ Carl Dore’ Jr. Carl Dore’ Jr. Dore’ Mahoney Law Group 17171 Park Row, Suite 350 Houston, TX 77084 carldore@doreassociates.com Counsel to Weatherford International, Inc.
WEATHERFORD U.S., L.P. /s/ Carl Dore’ Jr. Carl Dore’ Jr. Dore’ Mahoney Law Group 17171 Park Row Suite 350 Houston, TX 77084 carldore@doreassociates.com Counsel to Weatherford International, Inc.
Case 10-01068 Doc 295 Filed 02/24/12 Entered 02/24/12 10:53:50 Main Document Page 7 of 8
Case 09-11899 Doc 1284-4 Filed 11/09/12 Entered 11/09/12 14:47:58 Ex. C to Memoranum in Support Page 7 of 8
630273 Page 8
WOOD GROUP PRESSURE CONTROL, LP /s/ Carl Dore’ Jr. Carl Dore’ Jr. Dore’ Mahoney Law Group 17171 Park Row, Suite 350 Houston, TX 77084 carldore@doreassociates.com Counsel to Wood Group Pressure Control, LP
WORKOVER SPECIALTIES, LLC /s/ Thomas G. Gruenert Thomas G. Gruenert Gibson, Gruenert & Zaunbrecher, P.L.L.C. 9330 Broadway St., Suite 324 Pearland, TX 77584 tgruenert@ggzlawfirm.com Counsel to Workover Specialties, LLC
### End of Order ###
Case 10-01068 Doc 295 Filed 02/24/12 Entered 02/24/12 10:53:50 Main Document Page 8 of 8
Case 09-11899 Doc 1284-4 Filed 11/09/12 Entered 11/09/12 14:47:58 Ex. C to Memoranum in Support Page 8 of 8
top related