Aurora Oil & Gas Corporation Files Proposed Plan of Reorganization
October 13 2009 - 10:46AM
PR Newswire (US)
TRAVERSE CITY, Mich., Oct. 13 /PRNewswire-FirstCall/ -- Aurora Oil
& Gas Corporation (Pink Sheets: AOGSQ) today provided an update
on its bankruptcy proceedings related to Aurora and its subsidiary,
Hudson Pipeline & Processing Co., LLC (together, the
"Debtors"). As previously disclosed, on July 12, 2009, the Debtors
filed voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (the "Bankruptcy Code") in the United States
Bankruptcy Court for the Western District of Michigan (the
"Bankruptcy Court"). On October 7, 2009, the Debtors filed with the
Bankruptcy Court a proposed disclosure statement (the "Disclosure
Statement") and a proposed joint plan of reorganization under
Chapter 11 of the Bankruptcy Code (the "Plan"). The Plan addresses
the various classes of claims and interests and their proposed
treatment under the plan, including administrative claims, priority
claims, secured claims (including the claims of the Company's
pre-petition secured lenders), unsecured claims, intercompany
claims, old Company common stock interests, and old Hudson Pipeline
& Processing Co., LLC interests. The entire text of the
documents is provided in Form 8-K, filed with the Securities and
Exchange Commission on October 12, 2009 and can also be found
(along with all other Bankruptcy Court orders and related
documents) at http://www.donlinrecano.com/aurora. The Plan will
become effective only if it receives the requisite approval of the
Company's creditors and confirmation by the Bankruptcy Court. There
can be no assurance that the Plan will be acceptable to the
Company's creditors or confirmed by the Bankruptcy Court, or that
the Disclosure Statement will be approved by the Bankruptcy Court.
Accordingly, all information contained in the Plan and the
Disclosure Statement is subject to change, whether as a result of
amendments or supplements thereto, actions of third parties or
otherwise. About Aurora Oil & Gas Corporation Aurora Oil &
Gas Corporation is an independent energy company focused on
unconventional natural gas exploration, acquisition, development
and production, with its primary operations in the Antrim Shale of
Michigan, the New Albany Shale of Indiana and Kentucky. Cautionary
Note on Forward-Looking Statements This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. In particular,
statements by Aurora Oil & Gas Corporation and its subsidiaries
(the "Company") regarding future events and developments and the
Company's future performance, including statements regarding
proceedings relating to the Company's petitions for relief under
chapter 11 of Title 11 of the United States Code and the Company's
operations and funding during the chapter 11 process, as well as
other statements of management's intentions, hopes, beliefs,
expectations, representations, projections, estimations, plans or
predictions of the future, are forward-looking statements and are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements in some cases can be identified by their being preceded
by, followed by or containing words such as "estimate," "plan,"
"project," "forecast," "intend," "expect," "anticipate," "believe,"
"seek," "target" and other similar expressions. Forward-looking
statements are based on assumptions and assessments made by the
Company's management in light of their experience and their
perception of historical trends, current conditions, expected
future developments and other factors they believe to be
appropriate. Any forward-looking statements are not guarantees of
the Company's future performance and are subject to risks and
uncertainties that could cause actual results, developments and
business decisions to differ materially from those contemplated by
any forward-looking statements. Except as required by law, Aurora
undertakes no obligation to revise or update any forward-looking
statements, or to make any other forward-looking statements,
whether as a result of new information, future events or otherwise.
Such statements include those relating to: forecasts of the
Company's ability to successfully reorganize and emerge from
bankruptcy; estimated financial results; liquidity needs; and, the
Company's ability to finance the Company's working capital
requirements. Investors are cautioned that all forward-looking
statements involve risks and uncertainties including without
limitation the Company's ability to continue as a going concern;
the Company's ability to obtain Court approval with respect to
motions in the chapter 11 cases prosecuted by the Company from time
to time; the Company's ability to prosecute, confirm and consummate
a plan of reorganization with respect to the Company's bankruptcy
cases; risks associated with third parties seeking and obtaining
court approval to terminate or shorten the exclusivity period that
the Company has to confirm a plan of reorganization, for the
appointment of a chapter 11 trustee or examiner or to convert the
Company's bankruptcy cases to cases under chapter 7 of the U.S.
Bankruptcy Code; the Company's ability to obtain and maintain
normal terms with vendors, service providers, and leaseholders and
to obtain orders authorizing payments to such parties; the
Company's ability to maintain contracts that are critical to its
operations; the potential adverse impact of the Company's
bankruptcy cases on the Company's liquidity or results of
operations; the Company's ability to fund and execute its business
plan; the Company's ability to attract, motivate and retain key
executives and employees; the Company's ability to enter into
hedging contracts; general market conditions; adverse capital and
credit market conditions; the costs and accidental risks inherent
in exploring and developing new oil and natural gas reserves; the
price for which such reserves and production can be sold;
fluctuation in prices of oil and natural gas; the uncertainties
inherent in estimating quantities of proved reserves and cash
flows; competition; actions by third party co-owners in properties
in which the Company also owns an interest; acquisitions of
properties and businesses; operating hazards; environmental
concerns affecting the drilling of oil and natural gas wells;
impairment of oil and natural gas properties due to depletion, low
oil and gas prices, or other causes; and hedging decisions,
including whether or not to hedge. Similarly, these and other
factors, including the terms of any reorganization plan ultimately
confirmed, can affect the value of the Company's various
pre-petition liabilities and the Company's common stock. No
assurance can be given as to what values, if any, will be ascribed
in the chapter 11 cases to each of these constituencies. No
assurance can be given that there will be any remaining value for
shareholders if and when the Company emerges from bankruptcy.
Accordingly, the Company urges that the appropriate caution be
exercised with respect to existing and future investments in any of
these liabilities and/or securities. Join our email distribution
list: http://www.b2i.us/irpass.asp?BzID=1419&to=ea&s=0
Contact: Aurora Oil & Gas Corporation Jeffrey W. Deneau,
Investor Relations (231) 941-0073 x 154 http://www.auroraogc.com/
DATASOURCE: Aurora Oil & Gas Corporation CONTACT: Jeffrey W.
Deneau, Investor Relations of Aurora Oil & Gas Corporation,
+1-231-941-0073 x 154 Web Site: http://www.auroraogc.com/
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