Sale of Various Oil/Gas Royalties

Posted by Michael on October 22, 2014

This week we're highlighting the sale of various of oil/gas royalties.

You can read the entire sale motion for free and contact the trustee to learn more about bidding on these assets or others that we have on our site for subscribers.

Oil and Gas Royalties

Snippet from the Sale Motion


Date: November 13, 2014 Time: 11:00 a.m. Place: Foley Bldg., Third Floor

Lenard E. Schwartzer, Chapter 7 Trustee (the"Trustee"), hereby moves this court for an Order authorizing the Trustee to sell the estate's interest in various oil/gas royalties, and alleges:

Debtor, BLYNTHIA JOYCE NEWHOUSE, aka Bynthia Joyce Rabb, aka Cynthia J. Newhouse, aka Cynthia J. Rabb, filed for relief under Chapter 7 of the United States Bankruptcy Code on May 2, 2014, and LENARD E. SCHWARTZER is the appointed and acting trustee in this matter.

Debtor's assets include various oil/gas royalties, including, but not limited to, those scheduled on Exhibit "1", attached hereto.

To date, the Trustee has collected a total of $572.97 from the various oil/gas royalties.

The Trustee has received one offer to purchase the estate's interest in the oil/gas royalties as follows: McCulliss Oil & Gas Inc. $16,000.00

A copy of said offer is attached as Exhibit "2", attached hereto.

The Trustee is of the information and belief, and thereon alleges, that the offer of $16,000.00 is reasonable and acceptance of the offer is in the best interest of the estate.

The Trustee is unaware of any claims secured by the asset to be sold. If any creditor alleges that they have a perfected secured lien against the asset, the Trustee would suggest that said lien be deemed transferred to the proceeds of the sale pending further order of this court.

The Trustee requests that in the event there is a higher offer on the asset, that the Trustee be given authority to sell the asset to the highest bidder under similar terms and conditions.

CONCLUSION WHEREFORE, Trustee prays for an order authorizing him to (1) sell the estate's interest in the oil/gas royalties, free and clear of any and all liens encumbrances, to McCULLISS OIL & GAS INC. for $16,000.00 under the terms and conditions set forth herein, or (2) accept any higher offer on the asset and sell the asset to the highest bidder under similar terms and conditions, and (3) execute any and all documents necessary to effectuate the sale. 

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