The U.S. Bankruptcy Court issued an order confirming American Eagle Energy’s Further Revised Joint Chapter 11 Plan of Liquidation.
As previously reported, “The secured portion of the Senior Secured Notes Claim shall be paid in Cash by the Liquidating Trustee from the Retained Cash (less amounts required to pay the Claims set forth in Article II of this Plan and the Unsecured Creditor Payment), proceeds of accounts receivable, the Debtors’ interest in proceeds from the Segregated Causes of Action, and, subject to the provisions hereof, the Sale Proceeds that are not payable to either Settling Well Lien Claimants, USG, Halliburton, Jacam, Hydratek, Miller Oil, 4G, G-Style, Calfrac, Cruz Energy, Precision, CMG, and Arctic Energy or otherwise required to be reserved pursuant to this Plan….On the Effective Date, in full and final satisfaction of each of their respective Well Lien Claims, the Class 2(b) Well Lien Claimants shall each receive a payment from the Sales Proceeds equal to 36.6% of the Allowed amount of their respective Well Lien Claim, and shall be forever released by the Debtors and their bankruptcy estates from any and all claims, actions, causes of action and liabilities that were asserted or may have been asserted in the Chapter 11 Cases.”
Court-filed documents continue, “The Well Lien Claim of Schlumberger shall be Allowed in the amount of $209,246. On the Effective Date, in full and final satisfaction of its Well Lien Claim, Schlumberger shall receive a payment of $73,236.10 from the Sales Proceeds.” This oil and gas developer filed for Chapter 11 protection on May 8, 2015, listing $271 million in pre-petition assets.
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