Attached files
file | filename |
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8-K - Aurora Oil & Gas CORP | v162605_8k.htm |
EX-10.31 - Aurora Oil & Gas CORP | v162605_ex10-31.htm |
EX-10.32 - Aurora Oil & Gas CORP | v162605_ex10-32.htm |
EX-10.30 - Aurora Oil & Gas CORP | v162605_ex10-30.htm |
EXHIBIT
99.1
Aurora
Oil & Gas Corporation Files Proposed Plan of Reorganization
TRAVERSE
CITY, MICHIGAN, October 13, 2009 – Aurora Oil & Gas Corporation (PinkSheets:
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.
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Contact:
Aurora
Oil & Gas Corporation
Jeffrey
W. Deneau, Investor Relations
(231)
941-0073 x 154
www.auroraogc.com
Source: Aurora Oil & Gas Corporation