LAWSUITS NEWS & LEGAL INFORMATION
Drilling Rig Breach
Houston, TX: (Apr-07-08) Eagle Domestic Drilling Operations, a unit of Houston-based Blast Energy Services Inc., brought a lawsuit against Dallas-based Hallwood Energy LP and it's subsidiary, Hallwood Petroleum LLC, alleging that it was owed money for a land rig drilling project. Court records reveal that the suit was one of two filed for breach of contract, and that Eagle is currently working a separate suit against Quicksilver Resources.
As part of a settlement reached in the case, sources stated that Hallwood agreed to pay about $4.8 million to Eagle and forgive $1.6 million in payments from Eagle, resolving the breach of contract lawsuit. In exchange, Eagle stated that it will suspend further legal actions against the company, unless Hallwood is unable to secure financing by September 2008. Records show that Blast filed for Chapter 11 in January 2007, and emerged out of bankruptcy in February 2008 [HOUSTON BUSINESS JOURNAL: BLAST ENERGY SUBSIDIARY SETTLES CONTRACT DISPUTE]
Published on Apr-8-08
As part of a settlement reached in the case, sources stated that Hallwood agreed to pay about $4.8 million to Eagle and forgive $1.6 million in payments from Eagle, resolving the breach of contract lawsuit. In exchange, Eagle stated that it will suspend further legal actions against the company, unless Hallwood is unable to secure financing by September 2008. Records show that Blast filed for Chapter 11 in January 2007, and emerged out of bankruptcy in February 2008 [
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