US Realm Powder River, LLC, formerly known as Moriah Powder River, LLC, has filed a motion in the U.S. Bankruptcy Court for the District of Wyoming seeking approval of a settlement agreement with US Realm Ventures, LLC that would resolve various disputes related to operating costs and services.
The motion, filed on January 24, 2025, in Case No. 19-20699, outlines a settlement that includes a $2.5 million payment to the debtor and the transfer of membership interests in US Real Wyoming Ranchers, LLC. The agreement aims to resolve disputes over reimbursement of operating and accounting services performed by the debtor for US Realm Ventures' oil and gas assets.
According to court documents filed by Markus Williams Young & Hunsicker LLC, representing the debtor-in-possession, the settlement stems from services provided by Carbon Creek Energy, LLC (CCE) as operator of record for certain mineral interests owned by US Realm Ventures. The disputed amounts relate to unpaid operating payables totaling approximately $2.3 million for the period beginning November 2023.
The settlement agreement requires US Realm Ventures to make the $2.5 million payment within three business days of court approval. Additionally, the agreement includes provisions for terminating a surety bond arrangement and transitioning operational responsibilities to a new operator, WY Basin Operating.
Bradley T. Hunsicker, of Markus Williams Young & Hunsicker LLC in Cheyenne, Wyoming, filed the motion on behalf of the debtor, arguing that the settlement terms are fair and reasonable and in the best interests of the bankruptcy estate.
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Document length: 20 pages