Court Approves Sale Option; Halcon Trial Cancelled

Updating a previous post, the Court on November 13, 2012, entered an Order granting, in part, the Debtor's Emergency Motion to Approve Settlement ("Motion") with Halcon Energy.  The Court approved the Sale Option by which Halcon would purchase the all of the Debtor's leases and assets, as is where is, for $10,000,000 in order to settle the pending litigation.  As a result, the trial previously scheduled to begin on Monday, November 19 has been cancelled, and a sale hearing has been tentatively scheduled for January 25, 2013.