November 16, 2017 / 12:37 PM / 9 months ago

California tells bankrupt energy producer to hand over state leases

California regulators have come out against an offer to buy bankrupt energy producer Rincon Island Limited Partnership and have asked its trustee to turn over state leases to a manmade island on public land so the state can shut down drilling operations there.

In a letter on Tuesday, California State Lands Commission Executive Officer Jennifer Lucchesi told trustee Jason Searcy of the law firm Searcy & Searcy that commission staff had concluded West Energy Offshore Ltd is not financially prepared to buy Rincon Island Limited Partnership, or RILP, or to meet bond requirements to assume the company’s state leases to Rincon Island.

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