The bankruptcy of a lessor to an oil and gas lease can raise several important issues. One issue is whether a bankrupt lessor has the authority, subject to court approval, to assume or reject an oil and gas lease under the statute permitting rejection of executory contracts and unexpired leases. 11 U.S.C. § 365(a). In the typical case, when a debtor in bankruptcy rejects an executory contract, it constitutes a breach of the agreement, and the other party may file an unsecured claim against the debtor’s estate – which often offers little comfort as unsecured creditors usually receive only a small portion of their claim.