Law 360 reports that a $100 million lawsuit was filed against the previous officers of Cornucopia Oil & Gas LLC and its wholly owned subsidiary Furie Operating Alaska LLC. Filed in Texas, this lawsuit does not target HEX Cook Inlet LLC, which purchased the Julius R platform and Kitchen Lights field assets in bankruptcy court in July 2021.
John Hendrix, President and CEO of the HEX Cook Inlet LLC:
“First, it has nothing to do with us. We didn’t respond previously, we’re just trying to respond to Law 360 that put out a press release that Alaskan oil company, Furie Execs Hit With $100 Million Lawsuit. It wasn’t the Alaska company. We’re the only Alaska company in Furie’s history as owners of Furie and Cornucopia and Corsair. So we didn’t want the Alaska public to think that it was us being sued, it was the past management of Furie that is being sued for bringing them into bankruptcy. They didn’t maximize the value and they overstated reserves and everything else. I just want to make sure, Alaskans know and our reputation is solid that it is not us that they’re after, it’s the people before we bought it in bankruptcy.”
Hendrix was asked if this affects HEX Cook Inlet at all:
“It doesn’t, so far, but it could be damage to us as far as creditors and local suppliers. I know it doesn’t sound good when they say Alaska oil. You read it, but most people don’t read more than the headline, Furie is either being a German company or a Texas company and their executives have never lived here, they never had a home base here. It’s always been in the lower 48. We’re an Alaskan company. Furie is an Alaskan company. We went from no Furie employees on the Kenai Peninsula to now primarily that’s what it is. We’ve switched it all the way around.”
Hendrix also said:
“This is not us that they’re after. They’re after the people that took Furie into bankruptcy cause they borrowed a lot of money from a lot of powerful banks like ING and ECP. They’re wanting to somehow get their money back. The state owes them $103 million, too. People that loan money want their money back, and I can’t blame them.”
Headquartered in Anchorage, with offices in Nikiski, HEX Cook Inlet LLC is a privately held Alaskan owned and operated independent oil and gas exploration and production company. HEX Cook Inlet includes Furie Operating Alaska LLC, Cornucopia LLC, and Corsair LLC.