LEt's take this apart:
"Localoil, its obvious you are neither local nor in oil. How did I figure this out? Lets just say, your statement
“Dragon's assumption of the liabilities of plugging the wells meant that ANYTHING was better than nothing from the seller's perspective” is wrong."
>>>If you were in oil, you would know that you cannot escape liability by leasing troubled properties to a third party. You would also know that if you lease your property to a third party you are responsible for the lessee’s spills and contamination. <<<
Subleasing or assigning a lease to a new assignee or subleasee DOES change the liability picture to the extent that the assignee or subleasee operates those wells and is listed as the operator, or if someone like Dragon has acquired the company that is listed as the operator as is the case with Wooldridge. And those instruments don't just say, "Hey, you can have the oil and I'll keep the liability", when you get the well you've got the liability that comes with the wellbore. YOu can't "lease" already leased property to a third party - you can only assign or sublet.
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