Dore Law - December 2019

THE D or É R eport

D ore L aw G roup . net

DECEMBER 2019

TRENDS & TRAPS 2020

Save the date! Wednesday, April 22, 2020, is our annual one-day symposium on credit and collections topics for the oilfield equipment and services industry. Last year was a success with over 100 credit managers, financial officers, general counsels, and other attorneys attending. Trends & Traps 2020 will be even bigger and better: more expert speakers, more sessions, more sponsors, and more of your colleagues rubbing elbows. We want you to be a part of this event, and we guarantee your day will be well-spent. The event will again be held at the Embassy Suites — Energy Corridor in Houston, Texas, located near Eldridge Parkway and Interstate 10 west. From coffee and breakfast early in the morning, a buffet lunch, beverages and snacks throughout the day, and happy hour at the end, we will feed your body while a program with over a dozen industry experts feeds your mind. Updates on legal issues, the latest in oil and gas bankruptcies, and new technologies for the credit function will keep you informed on the what’s happening around the industry. And there will be experts in credit and collections to share their experiences and offer advice in best practices. This past April, Trends & Traps 2019 was co- sponsored by PESA-CID, NACM Southwest, Conway MacKenzie, and Doré Rothberg McKay (formerly Doré Law Group). A panel discussion with general counsels from some

of the most respected companies in our business was just one of the highlights of the day. For 2020, we will have many groups sponsoring and exhibiting their services at this premier event for professionals involved in credit and collections in the oilfield. These groups help ensure the registration cost to you is affordable and well below the actual expenses of the event. Attorneys and CPAs will also be able to earn continuing credit hours for attending.

Registration is expected to begin in January, but I encourage you to visit the website www.CreditInEnergy.com and leave contact information ASAP to ensure you receive email notifications of the event. The event website will be updated continuously with programs, speakers, and other information.

-Carl Doré

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DELEGATE TO ELEVATE

Poor delegation is the Achilles’ heel of most leaders, who often confuse being “involved” with being “essential.” To determine if you’re holding on to work you should delegate out, the Harvard Business Review (HBR) recommends asking this simple question: “If you had to take an unexpected week off work, would your initiatives and priorities advance in your absence?” If your answer is no or you aren’t sure, then you’re probably too involved. No one person should be the cog that keeps everything in motion, no matter their position in the company. Luckily, HBR has created an audit using the following six T’s to identify which tasks can be delegated. TINY: Small tasks that stack up can undermine the flow of your work. Registering for a conference, putting it on the calendar, and booking the flight are all small tasks someone else can handle. TEDIOUS: These tasks are straightforward but not the best use of your time. Someone else can input lists into spreadsheets or update key performance indicators for a presentation. TIME-CONSUMING: These important, complex tasks don’t require you to do the first 80% of the work. Identify what they are, pass them to someone else, and step in for the final 20% to give approval.

TEACHABLE: Is there a task only you know how to do? If so, teach someone else to do it, and step in for the last quality check when it’s done. TERRIBLE AT: It’s okay to be bad at some things. Great leaders know when to pass tasks off to someone who is more skilled than they are. The task will get done faster and at a much higher quality. TIME-SENSITIVE: These tasks need to get done right now but are competing with tasks of a higher priority. Just because it has to get done immediately doesn’t mean you have to be the one to do it. Sure, some tasks only you can accomplish, but these are extremely rare. As the Virgin Group founder Richard Branson warns, needlessly resisting delegation is the path to disaster. “You need to learn to delegate so that you can focus on the big picture,” Branson says. “It’s vital to the success of your business that you learn to hand off those things that you aren’t able to do well.”

OIL & GAS BANKRUPTCY TRACKER 2019

(limited to Debtor Liabilities > $10MM)

FILING DATE DEBTOR NAME

COURT

CHAPTER REPORTED LIABILITIES

8/27/2019

Epic

Texas-Southern

11

$100 million to $500 million

9/2/2019

PetroShare

Colorado

11

$50 million to $100 million

9/11/2019

Columbus Oil & Gas

Michigan-Eastern

11

$50 million to $100 million

9/11/2019

Alta Mesa Holdings

Texas-Southern

11

$1 billion to $10 billion

9/15/2019

Sheridan Holding

Texas-Southern

11

$1 billion to $10 billion

10/3/2019

EP Energy

Texas-Southern

11

$1 billion to $10 billion

10/18/2019

Longhorn Service

Oklahoma-Western

11

$10 million to $50 million

10/22/2019

MTE Holdings/Partners

Delaware

11

$10 million to $50 million

10/23/2019

Olam Energy

Delaware

11

$10 million to $50 million

10/29/2019

American Nat. Gas/Mine/Murray Equip.

Ohio-Southern

11

$1 billion to $10 billion

10/29/2019

C-Mar America

Texas-Southern

7

$10 million to $50 million

10/31/2019

Moriah Power River

Wyoming

11

$100 million to $500 million

A full list of 2019 oil & gas bankruptcies, including expanded information, is available upon request to the Doré Law Group P.C. The full list has 265 business entities as of Nov. 1, 2019.

A BUSY YEAR!

Our law firm has been busy in 2019. Although Doré Rothberg McKay remains a medium-sized business firm, we have been growing our number of attorneys and staff throughout the year, and we are expecting to continue to grow over the next year. The firm is acquiring more office space and infrastructure to accommodate the larger staff, and we are actively interviewing experienced people (administrators, paralegals, and attorneys) to help us serve the needs of our clients. Our practice has several specialty areas. Doré Rothberg McKay is handling over 100 active commercial litigation cases. We supervise more than 150 trade claims in bankruptcies and defend over 25 preference claim cases a year. The firm now files 80 mineral liens a month nationwide, including all the research into owners, operators, and contractors on the property leaseholds. We review more than 20 MSAs each month, but sometimes double that number when busy. In addition to representing oilfield services companies, our staff reviews and advises in 10 real estate transactions and leases, multiple corporate formations and reorganizations, a couple of probate matters, and several estate planning projects every month. We have created standardized procedures and forms to be more efficient. Fixed-fee services for lien filing and MSA review have made the services more affordable. Monthly reports and updates

have become a part of client communications to keep you informed. Every member of the firm is committed to working with you, communicating better, and giving you valuable advice. This monthly newsletter and “The Bankruptcy Alert ” emails are part of keeping clients informed. Doré Rothberg McKay co-sponsors the annual Trends & Traps symposium to educate professionals involved in credit and collections on the latest information. Thank you for contributing to our success!

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BUBBE’S POTATO LATKES

By Lisa Rothberg

For the holidays, try the traditional Jewish (and lots of other cultures) potato latkes. They’re not hard to prepare but perfect as part of a big, family meal.

INGREDIENTS •

2 large russet potatoes, scrubbed clean

2 tsp kosher salt 1/2 tsp pepper

• • • •

1 onion, quartered

Vegetable oil for frying Sour cream or apple sauce for garnish

• • • •

2 eggs

1/2 cup flour

1 tsp baking powder

INSTRUCTIONS 1. Using either a food processor or the side of a box grater, grate the potatoes and the onion. Wrap in a kitchen towel and squeeze out as much moisture as possible. Place potato and onion in a mixing bowl. 2. Into the same mixing bowl, add the eggs, flower, baking powder, and salt/pepper. Mix thoroughly. 3. In a large frying pan, pour in 1/4-inch vegetable oil, and heat. Drop the batter into the hot oil in spoon-sized globs; then, mash into flat patties and fry about 5 minutes per side. When the potato pancakes are a rich brown, put on paper towels to drain. 4. Serve alongside sour cream or applesauce.

HOLIDAYS FLURRY FROZEN PENGUIN

WREATH SNOWFLAKE WINTER SLEIGH

COOKIES ORNAMENTS REINDEER STOCKINGS

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Trends & Traps 2020

What Great Leaders Have in Common

Oil & Gas Bankruptcy Tracker 2019

3 4

A Busy Year!

Bubbe’s Potato Latkes

Yurts: Glamping at Its Finest

YURT SWEET YURT GLAMPING IN BEAUTIFUL LOCATIONS

The allure of the great outdoors calls to many, but pitching a tent and cooking over a fire isn’t for everyone. If that describes you, consider the yurt: a small, permanent structure often outfitted with electricity, plumbing, and other modern amenities. Expertly nestled in remote locations, they provide comforts of home in the midst of nature. Here are just a few around the United States available for rent.

TREEBONES RESORT, CALIFORNIA

For those new to the glamping scene, this is a great choice for an easy transition. With picturesque views of the Pacific Ocean, the Treebones Resort in Big Sur has an array of spaciously comfortable yurts to choose from. The resort has heated pools, a cozy lodge, and even a sushi bar. About an hour up the coastline, you can find a few shops, restaurants, and art galleries if you decide you’ve gotten your dose of nature for the day.

a chilly day, come home to comfy beds, cooking supplies, and decor made to feel like you’re camping — but with sturdy walls to keep out the cold.

FALLS BROOK YURTS, NEW YORK

For the glampers who truly want to get away, hike just under 1 mile into the woods of the Adirondack Mountains to discover rustic yurts beckoning you to cook over a fire or bundle up with a book. At night, the yurt’s domed skylight offers excellent stargazing. For those keen on winter activities, skiing and snowshoeing trails start right outside the front door. In the summer, enjoy hiking, fishing, and swimming.

SPRUCE HOLE YURT, COLORADO

Nestled in the San Juan Mountains about 10 miles north of New Mexico, this yurt is a snow-lover’s paradise. Skiing, snowshoeing, and hiking trails are plentiful in this backcountry location. At the end of

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