First Meeting of Creditors Scheduled; Bar Date to File Proofs of Claims Set

On March 30, 2012, the Bankruptcy Court entered a Notice scheduling the Debtor’s First Meeting of Creditors for Friday, May 11, 2012, at 11 a.m. in Bankruptcy Court Conference Room B110, U.S. Courthouse, 17 South Park Row, Erie.  The Notice also set the deadline for all creditors to file a proof of claim in the Bankruptcy Case for August 9, 2012.

Orders Entered Approving Debtor's Use of Cash Collateral and Broker; Debtor Files Completed Petition, Schedules, & Monthly Operating Reports

On or about March 22, 2012, the Debtor's Final Order Authorizing Use of Cash Collateral was entered by the Court.  Essentially the Debtor will be permitted to use cash in accordance with the approved budget to continue operations unless or until the bank or another interested party files a motion to terminate that authority.  In addition, on or about March 27, 2012, a modified Order was entered approving the Debtor's Broker, Joseph W. Haas and Reserve Energy Exploration Company, for the purposes of assisting the Debtor with the marketing and sale of certain of its oil and gas leaseholds.

Also on or about March 26, 2012, the Debtor filed its completed bankruptcy petition and schedules, which include information related to all of the Debtor's unsecured creditors, in addition to a listing of all of the Debtor's other debts, assets, liabilities, contracts, and certain other financial transactions over the last year or so.  Finally, the Debtor has also filed its first two (2) monthly operating reports ("MORs"), which generally contain information related to the Debtor's gross receipts and disbursements, including copies of the Debtor's bank statements and payroll.  The Debtor will continue to file MORs on a monthly basis.  Please feel free to contact us at ozgascommittee@quinnfirm.com to obtain a copy of the Debtor’s completed petition and schedules, MORs, and/or any other pleadings as filed.