Celesq® Attorneys Ed Center

Steps Producers and Midstream Companies Can Take to Prepare for Counterparty Bankruptcies Following the Pandemic

Program Number: 30126

Program Date: 05/05/2020


Many U.S. producers, midstream companies and oil field service companies will not survive the current unprecedented downturn. Every upstream and midstream player, and their counsel, must prepare now for the likelihood that one or more counterparties will seek bankruptcy protection. This includes analyzing key terms of midstream agreements to determine whether the contracts are subject to rejection in bankruptcy; identifying whether any material agreements create beneficial consensual liens, evaluating the legal considerations before pursuing such liens, and following the proper steps to perfect the liens; assessing the legal implications of seeking a judgment lien and how to perfect it; and determining whether you may seek a mineral lien, as well as ensuring you comply with strict notice and process for perfecting such a mineral lien.

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Available in states

California, Colorado Eligible, Florida, Georgia, New Jersey Eligible, New York, Texas Self Study

Credit Information

50 minute credit hour - 1.0 General CLE credit, based on a 50 minute credit hour
60 minute credit hour - 1.0 General CLE credit, based on a 60 minute credit hour

State Program Numbers


Keith M. Aurzada, Esq.

Reed Smith LLP

Keith Aurzada works with his clients to solve complex business problems, through tough negotiating and litigation where necessary. He advises public and private corporations, boards of directors, and management teams regarding matters most important to their business. Keith brings a unique balance of legal acumen and practical business focus to each representation. His industry experience includes representing companies involved in the technology industry, health care, real estate, retail, manufacturing, health spas, restaurants, and oil and gas.

Keith has served as a court-appointed receiver in the Texas state and federal courts. In doing so, he has gained practical experience making the types of decisions that face C-level executives and business owners. This allows Keith to bring a level of insight to his representations that his clients appreciate and rely upon, especially when faced with issues that are mission critical. Keith regularly assists clients on matters involving significant corporate transactions, the preservation of intellectual property, civil litigation, and the restructuring of indebtedness (both in and out of court, including bankruptcy where necessary).

Keith has assisted his clients with numerous employment concerns relating to discrimination in both the administrative regulatory context and in court. He has also assisted his clients in other labor matters, including non-competition agreements and the protection of trade secrets.

Keith lectures frequently on a variety of topics before bar associations and professional organizations. He also recently served as an adjunct professor of law at the University of Wyoming.


Jorge I. Gutierrez, Esq.

Reed Smith LLP

Jorge Gutierrez is an oil and gas attorney who represents private and public exploration and production (E&P) and midstream companies throughout the United States. He is certified in Oil, Gas and Mineral Law by the Texas Board of Legal Specialization. Prior to becoming an attorney he had an 11-year career in corporate and investment banking. This combination of legal and business experience allows Jorge to counsel clients on a broad set of issues affecting shareholder value.

As a partner in the firm’s Energy and Natural Resources Group, Jorge advises companies on the acquisition and divestiture of oil and gas properties and midstream assets, general business operations, and bank financings. Specific services include negotiating purchase and sale agreements, farmout agreements, drilling joint venture agreements, gas gathering and processing agreements, transportation agreements, project development agreements, joint operating agreements and other industry contracts. In addition, Jorge represents banks that make secured, reserved-based loans to E&P companies.