Debtor Files Sale Motion; GPE Dismisses Complaint Against 1st Source

Updating previous posts, on or about December 12, 2012, the Debtor filed its Motion to Sell Certain Oil and Gas Leases Free and Divested of Liens (“Sale Motion”) pursuant to the Court’s previous Order of November 21, 2012.  Objections/Responses to the Sale Motion were filed by Interested Party Mark E. Dottore, Creditor Reserve Energy Exploration Company, and Creditor RBS Citizens, NA, s/b/m Charter One Bank.  The proposed sale to Halcon remains scheduled for public hearing and auction on January 25, 2012.

Additionally, on or about December 31, 2012, Great Plains Exploration, LLC (“GPE”) moved to voluntarily dismiss its Complaint for Injunctive Relief against 1^st Source Bank (“Complaint”).  The Court entered an Order on January 2, 2013, dismissing the Complaint with prejudice and declining to extend the automatic stay to GPE’s principal, Richard Osborne.