the fact that a contracting party is a public utility company and is regulated by the public authority of the municipal administration does not exclude a refusal, since Congress has not granted special treatment for supply contracts rejected under Section 365. As part of the revised development agreement, Seneca and IOG are committed to participating together in a program that will develop 75 Marcellus boreholes in the Clermont/Rich Valley of Pennsylvania. In December 2015, IOG first committed to developing 42 wells with the possibility of participating in 38 more wells if elected by July 1, 2016. The total number of wells and pads contained in the revised Joint Development Agreement has been amended to reflect mutually beneficial changes to Seneca`s drilling and completion plan resulting from adjustments to the registration of infrastructure plans and other operational factors. To date, 39 of the 75 joint development drilling rigs have either been completed and processed for sale or drilled, requiring the development of 36 additional wells under the revised Joint Development Agreement. IOG has also been cleared to participate in a 7-Well Marcellus Pad which will be completed by December 31, 2017. If IOG decided to participate in the 7-Well Marcellus Pad, the overall commitment would reach 82 wells under the joint development contract. We find that the service contract falls within the definition of the “execution contract.” The agreement is characterized by reciprocal commitments that will continue in the future: National Fuel has promised to supply natural gas to Sharon and Sharon has promised to buy the gas at a price determined by the LIS tariff. These commitments were contractually binding until December 1987. Thus, at the time of the rejection of the agreement, when Sharon rejected the agreement, neither party had fulfilled its commitment to the other agreement, and both parties were required to do so.
Manage your online account safely and comfortably. Pay your gas bill, install automatic payments, check billing and payment history, sign up for budget billing, and even submit meter statements. the actual and necessary costs and costs for the preservation of the estate under Section 503 (b) are likely the rate under the service agreement” Kim R. Tulsky, Kenneth A. Manning (argument), Morgan, Lewis and Bockius, Philadelphia, Pa., for the plaintiffs. IOG Capital, LP is an energy investment firm based in Dallas, Texas, which manages real oil and gas assets that collaborate with funds managed by subsidiaries of Fortress Investment Group LLC (NYSE: FIG) and other institutional investors. Founded in 2014, IOG now has approximately $1 billion in accessible capital. The company strives to invest in upstream onshore oil and gas projects in the United States through untapped joint development agreements and traditional joint enterprise agreements. For more information about IOG Capital, see www.iogcapital.com. . The Bankruptcy Court also found that Sharon determined that the estate would benefit from the refusal of the contract.