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IN RE PROJECT 5 DRILLING PROGRAM-1980

Bankruptcy No. 82-00611, Adv. No. 82-0114.

30 B.R. 670 (1983)

In re PROJECT 5 DRILLING PROGRAM-1980, an Oklahoma limited partnership, Debtor. DEVON ENERGY CORPORATION, Plaintiff, v. UTICA NATIONAL BANK AND TRUST COMPANY, a national banking association, et al., Defendants.

United States Bankruptcy Court, W.D. Oklahoma.

June 10, 1983.

Attorney(s) appearing for the Case

Kenneth I. Jones, Jr., and James S. Matthews, Jr., Oklahoma City, Okl., for Project 5 Drilling Co. and LaTerre Drilling and Exploration, Inc.

Jerome Sepkowitz, Oklahoma City, Okl., for Project 5 Drilling Rig Program-1980.

John W. Swinford, Jr., Oklahoma City, Okl., for Utica National Bank and Trust Co. and Seattle First National Bank.

George Short, Oklahoma City, Okl., for LaTerre Drilling and Exploration, Inc.

MEMORANDUM OPINION AND ORDER

ROBERT L. BERRY, Bankruptcy Judge.

STATEMENT OF THE CASE

The question presented to the Court is whether or not monies paid into Court constitute a receivable of the Shallow Rig Syndication or a receivable of Project Five Drilling Company.

The parties to this cause will be referred to in the following manner: Devon Energy Corporation, a corporation ("Devon"), Project 5 Drilling Company, Inc., a corporation (the...

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