Debtor Files 2nd Amended Chapter 11 Plan of Reorganization and Disclosure Statement

On or about September 23, 2013, the Debtor filed its 2^nd Amended Chapter 11 Plan of Reorganization (“Plan”) and Disclosure Statement setting forth its final proposed treatment of creditors in the Bankruptcy Case and financial information in support thereof.  The Plan is generally contingent upon the private sale of certain of the Debtor’s assets, together with assets of the Debtor’s affiliated entities, Great Plains Exploration, LLC (“GPE”) and John D. Oil & Gas Company (“JDO”), by the end of 2013.  The Debtor proposes to pay RBS $10.8m from the sale proceeds in full settlement of their claim.  The Plan then proposes to pay the unsecured creditors of Oz Gas, LTD 100% of the value of their claim within thirty (30) days of the closing of the sale.  However, the Plan submitted for GPE proposes to pay unsecured creditors only 50%, while the Plan submitted for JDO proposes to pay creditors 90%. 

Objections to the Disclosure Statement(s) are due by November 15, 2013, and a hearing has been scheduled in the Erie Bankruptcy Courtroom on November 22, 2013, @ 9:30am.  Copies of the Plan and Disclosure Statement are available upon request to ozgascommittee@quinnfirm.com.