Oil and Gas Liens and Foreclosures--A Multi-State Perspective

March 06, 1998

Introduction
This article is an attempt to provide both a general overview of issues that arise in creating, perfecting and enforcing liens on oil and gas properties and a more in-depth discussion of some of the important issues that arise in the area of oil and gas liens.  Through a wide-angle lens, oil and gas lending is not very different from “hotel lending.”  A package of producing oil and gas properties and a chain of hotels both include significant real estate assets and virtually every category of personal property recognized by the U.C.C., and all of the asset categories must be addressed in the collateral documents.  However, there are issues that arise in oil and gas lending that are absolutely unique to this area.  Unfortunately for any author who undertakes a multi-state perspective on oil and gas lending or any other oil and gas topic, most of the unique issues are the product of state law idiosyncracies.  For this reason, this article will be more helpful in identifying the areas where these issues arise than in providing a compendium of answers.

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