netDockets Bankruptcy and Corporate Restructuring Blog: Harvest Oil & Gas/Saratoga Resources Creditors' Committee Appointed

The numbers are clear, (according to Baker Hughes) rig counts are down and are decreasing, with the exception of Haynesville Shale that actually reflected a current increase in rigs. I have submitted an additional previous post regarding the current," Rig Count," report.

Thousands of Petroleum Landmen through out the US are currently unemployed and energy companies, energy service companies and many of the vendors that have business & revenue linked to the energy industry are reeling from the energy industries current fledgling existence.

As reflected below in the submitted article, the energy industry is not immune to the current recession, so just as it is not and has never been contemplated to tax the Airlines and the Auto Industry, outrageous severance taxation after they enjoy a few quarters of successful profits, even when both have a consistent track record of bailouts, every few years...now is not the time to have federal or state taxation that will inhibit or stagnate domestic energy exploration or domestic energy production.

Arguably, a more comprehensive and possibly higher rate of taxation should have been in place prior to the recent boom in profits that many energy companies enjoyed, but taking into account that many of those recent profits have turned to loses and our needs for energy will certainly increase, especially when the economy rebounds, it is incumbent for law makers and policy decisions to be proactive for anticipation of what occurred last summer and for the reality that we are going to need to have ready available domestic sources of energy when the economy reinvigorates to a normal or excellent status.

Reasonable taxation for production should be implemented, but to be reasonable considerations must be given to fostering and promoting energy production and energy exploration before the fact and not after the fact, with respect to meeting the energy needs of our nation.

Sunday, May 17, 2009
Harvest Oil & Gas/Saratoga Resources Creditors' Committee Appointed
The United States Trustee has appointed the members of the Official Committee of Unsecured Creditors in the Harvest Oil and Gas, LLC and Saratoga Resources, Inc. bankruptcy cases. The companies filed for bankruptcy protection on March 31st in the Western District of Louisiana bankruptcy court. The members of the Creditors' Committee are:

* XPLOR Energy Operating Company
* River Rental Tools, Inc.
* Quality Energy Services, Inc.
* Southern Flow Companies, Inc.
* Thru Tubing Systems, Inc.

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Posted by Randall Reese at 10:39 PM
Labels: appoint, bankrupt, chapter 11, committee, creditor, gas, harvest, official, oil, resources, saratoga, trustee, unsecured

netDockets Bankruptcy and Corporate Restructuring Blog: Harvest Oil & Gas/Saratoga Resources Creditors' Committee Appointed