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IN RE MID-AMERICA PETROLEUM, INC.

Bankruptcy No. 587-50046-11, Adv. No. 587-5016.

83 B.R. 933 (1988)

In re MID-AMERICA PETROLEUM, INC., et al., Debtors. FEDERAL DEPOSIT INSURANCE CORPORATION, Plaintiff, v. MID-AMERICA PETROLEUM, INC., et al., Defendants.

United States Bankruptcy Court, N.D. Texas, Lubbock Division.

March 1, 1988.

Attorney(s) appearing for the Case

Nicholas Katsonis, Palmer & Palmer, Dallas, Tex., for debtor.

T. Ray Guy, Jenkens & Gilchrist, Dallas, Tex., for FDIC.

J. Robert Forshey, Cantey, Hanger, Gooch, Munn & Collins, Fort Worth, Tex., for various M & M Claimants.

Scotta E. McFarland, Thompson & Knight, Dallas, Tex., for Halliburton Co.

Michael G. Kelley, Hollman, Lyon, Patterson & Durrell, Inc., Odessa, Tex., for Watson and Associates of Midland, Inc.

David L. Patterson, Maxwell, Godwin & Carlton, Dallas, Tex., for WellTech, Inc.

Darrell Smith, Smith & Shackelford, P.C., Midland, Tex., for Linco-Electromatic, Inc.

Darrell W. Moore, Wagstaff, Alvis, Stubbeman, Seamster & Longacre, Abilene, Tex., for West Texas Utilities Co.

Neil J. Orleans, Wise, Stuhl, Andres, Orleans & Morris, Dallas, Tex., for Dowell Schlumberger, Inc.

Morris Reese, Jr., Logan, Lear, Gossett, Harrison, Reese & Wilson, San Angelo, Tex., for Falcon Well Service Co.

Walter C. Kellogg, Trustee-in-Bankruptcy, Dallas, Tex., Trustee for MAP.

Daniel C. Stewart, Winstead, McGuire, Sechrest & Minick, Dallas, Tex., for Trustee.

Harrel L. Davis, III, Grambling & Mounce, El Paso, Tex., for Unsecured Creditors Committee.

Robert W. St. Clair, Curry, Curry, & Robinson, Lubbock, Tex., for Elec. Submersible Pumps, Inc.

MEMORANDUM OF OPINION ON ISSUES OF MINERAL CONTRACTOR AND ACCOUNTS RECEIVABLE

JOHN C. AKARD, Bankruptcy Judge.

The Debtor in the captioned proceeding under Chapter 11 of the Bankruptcy Code, Mid-America Petroleum, Inc. (MAP), owned a fractional working interest in various oil and gas leases in the Taylor-Link Field in Pecos County, Texas. Various third parties owned the balance of the working interest in each lease.1 MAP entered...

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