On May 25, 2012, the Debtor filed an Expedited Motion for an Order Approving (A)
Bidding Procedures For the Sale of the
deep rights in certain oil and gas leases of Debtor, (B) Break-Up Fee Related
to the Sale, (C) Assumption and Assignment Procedures for Surface Agreements,
(D) Payment of Pre-Petition Royalties and (E) Form and Manner of Sale Notice ("Bid Procedures Motion"),
which would govern the sale of certain leases in Warren and Forest Counties that
the Debtor had been previously marketing.
While the sale motion has not yet been filed, a copy of the purchase
agreement and the list of subject wells are attached to the Bid Procedures Motion. A hearing was initially
scheduled on this matter for June 6, but the hearing is now set for Wednesday,
June 13, at 10:00 a.m. in the Erie Bankruptcy Courtroom, U. S. Courthouse, 17
South Park Row, Erie, PA 16501. Judge
Agresti has indicated that he has questions regarding the proposed procedures
and will issue an order on the matters he would like addressed before the
hearing.
