Debtor Files Complaint for Injunctive Relief Against Halcon Energy

On August 30, 2012, the Debtor filed a Complaint for Injunctive Relief against Halcon Energy Properties, Inc. at Adversary Proceeding Number 12-1092 (TPA) with respect to the previously Court-approved purchase agreement and Sale Order between the Parties.  The Complaint essentially seeks to compel Halcon to effectuate a closing of the sale as a result of an ongoing dispute as to whether certain obligations have been met under the terms of the purchase agreement.  Concurrently therewith the Debtor also filed a Motion for Preliminary Injunction and Motion for Temporary Restraining Order (the “Motion”) in order to preserve certain deadlines from lapsing under the terms of the sale agreement. 

In light of the injunctive relief requested, the Court immediately scheduled a telephonic hearing for August 31, 2012 at 2:00pm.  After the hearing the Court entered an Order staying all deadlines, requirements, and/or obligations described in the purchase agreement and/or Sale Order until the remaining matters raised in the Debtor’s Motion are heard by the Court.  A subsequent hearing will be scheduled regarding the same.