On or about January 25, 2013, following a sale hearing, the
Court entered an Order Approving Sale of Certain Oil and Gas Leases Free and
Divested of Liens (“Order”) with respect to the Debtor’s sale of its Deep
Rights to Halcon Energy for $10m. Upon information and belief, the
sale to Halcon has been substantially consummated, and the bulk of the sale
proceeds have been paid to the Debtor’s primary secured lender, RBS Citizens,
NA, d/b/a Charter One, with the exception of certain holdbacks for
administrative expenses subject to further determination by the Court. A copy of the Order is available upon request
to ozgascommittee@quinnfirm.com.
