Devon Energy Corp. v. Utica National Bank & Trust Co. (In Re Project 5 Drilling Program-1980)

MEMORANDUM OPINION AND ORDER

ROBERT L. BERRY, Bankruptcy Judge.

STATEMENT OF THE CASE

The question presented to the Court is whether or not monies paid into Court constitute a receivable of the Shallow Rig Syndication or a receivable of Project Five Drilling Company.

The parties to this cause will be referred to in the following manner: Devon Energy Corporation, a corporation (“Devon”), Project 5 Drilling Company, Inc., a corporation (the “Company”), Project 5 Drilling Rig Program-1980, a partnership (the “Shallow Rig Syndication”), Utica National Bank and Trust Company (“Utica”) and Seattle…