Attached files
| file | filename |
|---|---|
| 8-K - CROSS CANYON ENERGY CORP. | e606633_8k-cross.htm |
CROSS
CANYON ENERGY CONSUMMATES ITS CHAPTER 11
PREPACKAGED
PLAN OF REORGANIZATION; REORGANIZED
CROSS
CANYON TO CONTINUE AS A PRIVATELY HELD COMPANY
HOUSTON – March 23, 2010 –
Cross Canyon Energy Corp. (the “Company”) (formerly, OTC BB: CCYE) announced
today that it has successfully consummated its Amended Prepackaged Plan of
Reorganization Pursuant to Chapter 11 of the United States Bankruptcy Code (the
“Plan”). The Plan, filed by the Company in the United States
Bankruptcy Court for the Southern District of Texas, Houston Division (the
"Bankruptcy Court"), on January 29, 2010, was confirmed by the Bankruptcy Court
on March 11, 2010.
Pursuant
to the Plan, the reorganized entity converted from a Nevada corporation to a
Delaware corporation. All shares of common stock, stock options and
warrants issued by the Company prior to the Chapter 11 filing, and traded under
the symbol CCYE, have been cancelled. As part of the Plan, the reorganized
entity will issue 2.4 million shares of common stock, of which holders of the
Company’s common stock as of March 22, 2010 will receive, in the aggregate, five
percent (5%). The reorganized entity will be privately held and will no longer
make periodic filings with the Securities and Exchange Commission.
FORWARD-LOOKING
STATEMENTS: This document includes forward-looking statements. Forward-looking
statements include, but are not limited to, statements concerning estimates of
expected drilling and development wells and associated costs, statements
relating to estimates of, and increases in, production, cash flows and values,
statements relating to the continued advancement of Cross Canyon Energy Corp’s
projects and other statements which are not historical facts. When used in this
document, the words such as “could,” “plan,” “estimate,” “expect,” “intend,”
“may,” “potential,” “should,” and similar expressions are forward-looking
statements. Although Cross Canyon Energy Corp. believes that its expectations
reflected in these forward-looking statements are reasonable, such statements
involve risks and uncertainties and no assurance can be given that actual
results will be consistent with these forward-looking statements. Important
factors that could cause actual results to differ from these forward-looking
statements include the potential that the Company’s projects will experience
technological and mechanical problems, geological conditions in the reservoir
may not result in commercial levels of oil and gas production, changes in
product prices and other risks disclosed in Cross Canyon’s Annual report on Form
10-K filed with the U.S. Securities and Exchange Commission.
Cross
Canyon Energy Corp.
Contact
Carl A. Chase, CFO
(832)
559-6060